<SEC-DOCUMENT>0001193125-24-282538.txt : 20241220
<SEC-HEADER>0001193125-24-282538.hdr.sgml : 20241220
<ACCEPTANCE-DATETIME>20241220084356
ACCESSION NUMBER:		0001193125-24-282538
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20241031
FILED AS OF DATE:		20241220
DATE AS OF CHANGE:		20241220
EFFECTIVENESS DATE:		20241220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Duff & Phelps Utility & Infrastructure Fund Inc.
		CENTRAL INDEX KEY:			0001515671
		ORGANIZATION NAME:           	
		IRS NUMBER:				452261437
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22533
		FILM NUMBER:		241565287

	BUSINESS ADDRESS:	
		STREET 1:		10 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(866) 270-7598

	MAIL ADDRESS:	
		STREET 1:		10 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duff & Phelps Global Utility Income Fund Inc.
		DATE OF NAME CHANGE:	20110627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Duff & Phelps Global Utility & Midstream Energy Income Fund Inc.
		DATE OF NAME CHANGE:	20110316
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;N-CSR</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT INVESTMENT COMPANIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Investment Company Act file number <FONT STYLE="white-space:nowrap">811-22533</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10 South
Wacker Drive, Suite 1900 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chicago, Illinois 60606 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alan M. Meder</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10 South Wacker Drive, Suite 1900</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chicago, Illinois 60606</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Adam D. Kanter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mayer Brown LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1999 K
Street, NW</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20006-1101</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">312-368-5510</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of fiscal year end:
October&nbsp;31 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of reporting period: October&nbsp;31, 2024 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reports to Stockholders (cont.). </B></P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Include a copy of the report transmitted to stockholders pursuant to Rule
<FONT STYLE="white-space:nowrap">30e-1</FONT> under the Act (17 CFR <FONT STYLE="white-space:nowrap">270.30e-1).</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Report to Shareholders is attached herewith. </P>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:91.20%;" type="Block"> <DIV style="margin-top:0pt;position:relative;text-align:Left;width:100%;">
<IMG src="g885046imgf038442b1.gif" alt=" "> <DIV style="color:#000000;font-family:Arial;font-size:13pt;font-style:Normal;font-weight:bold;left:383pt;line-height:14pt;position:absolute;text-decoration:none;text-transform:none;top:418pt;">Annual
Report</DIV><DIV style="color:#000000;font-family:Arial;font-size:13pt;font-style:Normal;font-weight:bold;left:383pt;line-height:14pt;position:absolute;text-decoration:none;text-transform:none;top:449pt;">October 31, 2024</DIV></DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;border:1pt solid black;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">Fund
Distributions and Managed Distribution Plan: <FONT style="font-weight:Normal;">In June 2015, the Board of Directors (the &#8220;Board&#8221;) of Duff &amp;&#160; Phelps Utility and Infrastructure Fund Inc. (&#8220;DPG&#8221; or the
&#8220;Fund&#8221;) adopted a Managed Distribution Plan (the &#8220;Plan&#8221;).&#160;From November 2023 through June 2024, the Plan provided for the Fund to make a quarterly distribution on its common stock of 21.0 cents per share. Effective July
2024, the quarterly distribution rate was changed to a monthly rate at an equivalent 7.0 cents per share. Under the Plan, the Fund will distribute all available investment income to shareholders, consistent with the Fund&#8217;s investment
objective. If and when sufficient investment income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain the steady distribution rate that has been
approved by the Board.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">If the
Fund estimates that it has distributed more than its income and capital gains in a particular period, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you
invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221;</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;text-align:left;text-decoration:none;text-transform:none;">You should not draw any
conclusions about the Fund&#8217;s investment performance from the amount of the Fund&#8217;s distributions or from the terms of the Fund&#8217;s Managed Distribution Plan.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">Whenever
a quarterly distribution includes a capital gain or return of capital component, the Fund will provide you with a written statement indicating the sources of the distribution and the amount derived from each source.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">The
amounts and sources of distributions reported in your quarterly written statements are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the
Fund&#8217;s investment results during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax
purposes.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">The Board
may amend, suspend, or terminate the Managed Distribution Plan without prior notice to shareholders if it deems such action to be in the best interests of the Fund and its shareholders. For example, the Board might take such action if the Plan had
the effect of shrinking the Fund&#8217;s assets to a level that was determined to be detrimental to Fund shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount if the Fund&#8217;s stock is
trading at or above net asset value or widening an existing trading discount.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">The
Managed Distribution Plan is described in a Question and Answer format on your Fund&#8217;s website, www.dpimc.com/dpg under the &#8220;Dividend and Distributions&#8221; tab. The tax characterization of the Fund&#8217;s historical distributions can
also be found on the website under the &#8220;Tax Information&#8221; tab.</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">LETTER TO SHAREHOLDERS</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4pt;text-align:right;text-decoration:none;text-transform:none;">December 13, 2024</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Dear Fellow Shareholders:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Board Actions:<FONT style="font-weight:Normal;"> At
the June meeting, the Board of Directors (the &#8220;Board&#8221;) changed the Fund&#8217;s distribution payment from a 21-cent quarterly distribution to a 7-cent monthly distribution.&#160; As noted in the Semi-Annual Report for the period ending
April 30, 2024, the Board believes that a monthly distribution schedule may be more appealing to shareholders of the Fund.&#160; The 7-cent monthly distribution, without compounding, is 84-cents on an annualized basis, which is equal to 7.3% of the
Fund&#8217;s October 31, 2024 closing market price of $11.46 per share.&#160; The Fund paid its final quarterly distribution in June and began paying monthly distributions to shareholders of record as of the last day of the months of July, August,
September, and October.&#160; Please refer to the inside front cover of this report and the portion of this letter captioned &#8220;About Your Fund&#8221; for important information about the Fund and its Managed Distribution Plan.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Performance Review:<FONT
 style="font-weight:Normal;"> For the year ended October 31, 2024, on a net asset value (&#8220;NAV&#8221;) basis, the Fund&#8217;s total return (income plus change in the NAV of the portfolio) was 39.6% and its market value total return was 51.6%,
compared to the Composite Index&#8217;s 36.0% total return.&#160; The Composite Index is composed of the MSCI USA Utilities Index, the MSCI World ex USA Utilities Index, the Alerian US Midstream Energy Index, the FTSE All-World Telecommunications
Index, and the MSCI World Core Infrastructure Selected GICS Index, with each index weighted to reflect the sector allocation of the Fund. The Fund&#8217;s five-year annualized total return on NAV was 5.4% through October 31, 2024, below the
Composite Index, which had a 9.2% annualized total return for that same period.&#160; On a market value basis, the Fund had a five-year annualized total return of 4.6% through October 31, 2024.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In last year&#8217;s Letter to Shareholders, we
noted that the domestic utility sector was beginning the year with undemanding valuations compared to the overall equity market, in an environment with a favorable outlook for lower interest rates, while at the same time enjoying a number of
tailwinds supportive of growth.&#160; Even accounting for this favorable setup, the sector did better than our expectations, with the MSCI USA Utilities Index up 39.1% (total return) over the 12 months ended October 31, 2024.&#160; A large part of
this performance was likely due to investors gaining comfort in the outlook for a significant step up in long-term electric demand.&#160; The transition to renewables and increased electrification is driving the need for utility capital investment
in generation, transmission, and grid resiliency.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Layered on top of these demand drivers is the
explosive growth in Artificial Intelligence (&#8220;AI&#8221;)-driven data center power demand, which we discussed in this year&#8217;s Semi-Annual Report.&#160; Independent Power Producers (&#8220;IPPs&#8221;) with available power, especially
low-carbon power, have been the biggest beneficiaries to date of the AI-driven power demand as they have been able to strike lucrative deals with AI providers, such as Amazon, at favorable rates.&#160; The Fund has avoided investing in IPPs as their
earnings have historically been tied to volatile power prices.&#160; With IPPs forming a greater percentage of utility indices and the stocks of IPPs like Constellation Energy up over 100% year-to-date in 2024, the performance of this sub-sector has
created challenging comparisons to utility indices.&#160; Despite this, the good performance in the Fund&#8217;s domestic utility holdings partly offset the impact of IPPs in the benchmark index.</DIV> </DIV>
<DIV style="margin-top:45pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:63pt;text-align:center;text-decoration:none;text-transform:none;">1</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Although international utilities had a good year
overall, they lagged behind utilities in the U.S.&#160; Utilities in the European Union (&#8220;EU&#8221;) faced significant political and regulatory uncertainty, as well as lower power prices in some geographies due to overbuilding of renewable
generation.&#160; We think that utilities in the EU could benefit in the coming year from greater regulatory clarity, along with better economic performance relative to 2024.&#160; In addition, EU utilities are starting from a point of low valuation
relative to U.S. utilities and also haven&#8217;t seen the same AI/data center-driven uplift.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;s midstream energy holdings
experienced very strong price appreciation over the past year and is the best performing sector for the Fund over the past four years.&#160; During 2024, investors grew increasingly focused on the opportunity for natural gas pipeline companies to
supply fuel for the generation that will serve data centers.&#160; This led to strong outperformance of natural gas-focused C-corporations, as this corporate structure is easier for many generalists to invest in, as compared to those organized as
master limited partnerships (MLPs).&#160; As a group, midstream energy companies have generally maintained disciplined capital investment and reasonable levels of leverage, resulting in good free cash flow, which has been returned to investors
through attractive dividends and share buybacks.&#160; However, after four years of strong performance, the sector&#8217;s valuation is fairly full, which keeps us from getting even more constructive toward the sector.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Like utilities, infrastructure stocks over the
past year benefitted from the anticipation of lower interest rates as the Federal Reserve finally began its easing campaign.&#160; Although the sector performed well, it could not match the outsized performance of the utility and midstream
sectors.&#160; Infrastructure companies have already seen volumes recover from covid-era lows and infrastructure stocks began the year with fairly full valuations.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Election Implications for The Fund:<FONT
 style="font-weight:Normal;"> With the upcoming changes in the White House and Congress, there could also be some implications for the sectors in which the Fund invests.&#160; For utilities, a major concern is whether there could be a repeal of the
Inflation Reduction Act of 2022 (&#8220;IRA&#8221;). However, the commonly held view is that a full repeal is very unlikely since the IRA benefits accrued more to Republican-leaning states than Democratic ones.&#160; In fact, 18 House Republicans
wrote to the Speaker of the House, voicing their support for renewable energy tax credits.&#160; While tax incentives may be maintained, there could be some surgical cuts to the IRA, for example, to electric vehicle and offshore wind credits.&#160;
These would likely have limited effect on the Fund&#8217;s utility holdings.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">One area where we could see a positive impact on
the utility and midstream energy sectors would be at the Environmental Protection Agency (&#8220;EPA&#8221;).&#160; Current rules require existing coal and natural gas plants to reduce carbon emissions by 90% by 2032. It is highly likely these
guidelines will be eliminated.&#160; While coal plants will continue to be phased out due to their higher cost structure, the construction of new, baseload natural gas generation plants will have support.&#160; The utility and midstream energy
sectors would both benefit given the massive demand for power from AI data centers.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Share Repurchase Plan:<FONT
 style="font-weight:Normal;"> At its June 2024 meeting, the Board adopted a share repurchase plan for the Fund.&#160; The plan seeks to enhance shareholder value by purchasing shares in the open market at a discount to NAV, which will result in
incremental accretion to the Fund&#8217;s NAV.&#160; Under the plan, the Fund purchased 865,155 shares, or 2.3% of the beginning balance, from the inception of the plan through October 31, 2024, at an average price of $10.80 per share.&#160; The
share repurchases had a positive 3-cent per share impact on Fund NAV for the fiscal year.</FONT></DIV> </DIV> <DIV style="margin-top:61pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:79pt;text-align:center;text-decoration:none;text-transform:none;">2</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Board of Directors Meeting:<FONT
 style="font-weight:Normal;"> At the regular September 2024 Board meeting, the Board declared monthly distributions of 7-cent per share to holders of record of common stock on October 31, 2024; November 29, 2024; and December 31, 2024 with the
distributions to be payable on November 12, 2024; December 10, 2024; and January 10, 2025.&#160; At the regular December 2024 Board meeting, the Board declared monthly distributions of 7-cent per share to holders of record of common stock on January
31, 2025; February 28, 2025; and March 31, 2025 with the distributions to be payable on February 10, 2025; March 10, 2025; and April 10, 2025.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Impact of Leverage on the Fund:<FONT
 style="font-weight:Normal;"> The use of leverage enables the Fund to borrow at short-term rates and invest at potentially higher yields on equity holdings.&#160; As of October 31, 2024, the Fund&#8217;s leverage consisted of $35 million of floating
rate preferred stock and $125 million of floating rate debt.&#160; On that date, the total amount of leverage represented approximately 25% of the Fund&#8217;s total assets.&#160; As outlined in Notes 8 and 9 to the Fund&#8217;s financial
statements, the Fund&#8217;s preferred shares and borrowings pay interest and dividends based on the three-month term Secured Overnight Financing Rate, and the Overnight Bank Funding Rate, respectively, and rising interest rates increase the cost of
the Fund&#8217;s leverage.</FONT></DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The
amount and type of leverage used by the Fund is reviewed quarterly by the Board based on the Fund&#8217;s expected earnings relative to the anticipated costs (including fees and expenses) associated with the leverage.&#160; In addition, the
long-term expected benefits of leverage are weighed against the potential effect of increasing the volatility of both the Fund&#8217;s NAV and the market value of its common stock.&#160; The use of leverage increases the benefits to the Fund when
equity valuations are rising and conversely, exacerbates the negative impact when equity valuations are falling.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Federal Open Market Committee
(&#8220;FOMC&#8221;), the committee within the Federal Reserve that sets domestic monetary policy, began its long-awaiting easing policy at its September 18, 2024 meeting, lowering the target range for the federal funds rate by 0.5%.&#160; At its
November 7, 2024 meeting, the FOMC lower the rate by a further 0.25% to a target range of 4.50-4.75%.&#160; Current market expectations are that the committee will further lower the federal funds rate in 2025, although there is fairly wide variation
in the number and timing of expected cuts.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">If interest rates were to rise in the future,
this would generally have a negative impact on income-oriented investments.&#160; The negative impact could be mitigated, to some extent, if improved growth accompanied the rising rates.&#160; The negative impact of rising interest rates can also
potentially be mitigated by an improved outlook for long-term inflation, or by relative sector performance.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The amount and type of leverage employed by the
Fund can be modified or eliminated at any time due to the need to meet asset coverage requirements of the leverage or if the Board came to view the long-term expected benefits of the leverage less favorably.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Managed Distribution Plan:<FONT
 style="font-weight:Normal;"> As discussed on the inside cover of this Report, the Fund currently operates under a Managed Distribution Plan (the &#8220;Plan&#8221;) pursuant to which the Fund will make a monthly distribution at a rate of 7-cent per
share.&#160; As a result of execution on the Plan, the Fund may pay distributions in excess of the Fund&#8217;s taxable net investment income and net realized gains.&#160; During the most recent fiscal period, the Plan did not have a material impact
on the Fund&#8217;s investment strategy.&#160; Refer to the financial highlights and income tax information section in this report for further information about the Fund&#8217;s distributions and its effect on net asset value.</FONT></DIV> </DIV>
<DIV style="margin-top:55pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:73pt;text-align:center;text-decoration:none;text-transform:none;">3</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Visit us on the Web<FONT
 style="font-weight:Normal;">&#8212;You can obtain more information about the Fund, including the most recent shareholder financial reports and distribution information, at our website, </FONT><FONT
 style="color:#0000FF;font-weight:Normal;text-decoration:underline;">www.dpimc.com/dpg</FONT><FONT style="font-weight:Normal;">.&#160; We appreciate your interest in Duff &amp; Phelps Utility and Infrastructure Fund Inc., and we will continue to do
our best to be of service to you.</FONT></DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:6pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:66.61%;">Eric
 Elvekrog, CFA, CPA<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">President and Chief Executive Officer</DIV>
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:33.39%;">David D. Grumhaus,
Jr.<BR> Vice President and Chief Investment Officer </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;"></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Certain statements in this report are
forward-looking statements.&#160; Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments.&#160; The forward-looking statements and other views expressed herein are those of the
portfolio managers as of the date of this report.&#160; Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to
numerous market and other factors.&#160; The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.</DIV> </DIV> <DIV style="margin-top:343pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:361pt;text-align:center;text-decoration:none;text-transform:none;">4</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:98.44%;" cellpadding="0" cellspacing="0">

<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:3pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="5">Total
 Return<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP><BR> For the period indicated through October 31, 2024 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;line-height:10pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:48.87%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt; padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.63%;">One
 Year </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt; padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.50%;">Three
 Years<BR> (annualized) </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt; padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.50%;">Five
 Years<BR> (annualized) </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.50%;">Ten
 Years<BR> (annualized) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:48.87%;">Duff
 &amp; Phelps Utility and Infrastructure Fund Inc. </TD>
<TD style="border-right:0.5pt solid #000000;line-height:9pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:10.63%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:13.50%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">Market
 Value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">51.6%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">3.0%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">4.6%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">3.3%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">Net
 Asset Value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">39.6%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">7.2%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">5.4%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">2.6%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">Composite
 Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">36.0%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">10.5%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">9.2%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">4.9%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">MSCI
 USA Utilities Index (net)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">39.1%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">9.0%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">7.0%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">8.2%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">Alerian
 US Midstream Energy Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">44.3%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">26.5%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">19.4%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11.28pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">N/A
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">FTSE
 All-World Telecommunications Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">21.8%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.2%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.8%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">2.1%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:center;width:48.87%;">MSCI
 World Core Infrastructure Selected GICS<SUP style="font-size:85%;font-style:Normal;text-transform:none;">&#174;</SUP> Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">14.9%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:7.67pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">-0.3%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:16.28pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">N/A
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:11.28pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">N/A
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:48.87%;">MSCI
 World ex USA Utilities Index (net)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">17.8%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">2.1%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">4.1%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">3.8%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Growth of $10,000 <FONT
 style="font-weight:Normal;">&#160;</FONT><FONT style="font-size:8.5pt;font-weight:Normal;line-height:11.5pt;">for periods ended 10/31</FONT></DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">This graph shows the change in value of a
hypothetical investment of $10,000 in the Fund for the years indicated. For comparison, the same investment is shown in the indicated index.</DIV> <DIV style="margin-top:18pt;text-align:Left;width:521pt;">
<IMG src="g885046img59ea3aed2.gif" alt=" "> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;padding-top:3pt;text-align:left;vertical-align:top;width:1.50%;">&#160; </TD>
<TD style="padding-right:3pt;padding-top:3pt;text-align:left;vertical-align:top;width:100%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.50%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:justify;text-decoration:none; text-transform:none;vertical-align:top;width:100%;">Past
 performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:1.50%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:justify; text-decoration:none;text-transform:none;vertical-align:top;width:100%;">Total
 return on&#160;market value assumes a purchase of common stock at the closing market price of the last business day of the prior period and a sale at the closing&#160;market price on the last business day of each period shown in the table and
assumes reinvestment<BR> of dividends at the actual reinvestment prices obtained under the terms of the Fund&#8217;s dividend reinvestment plan.&#160;Total return on market value does not reflect the deduction of taxes that a shareholder may pay on
fund distributions or the sale of fund shares.<BR> In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses and taxes are not reflected in the above calculations, your total return net of
brokerage and tax expense would be lower than the total<BR> return on market value shown in the table. Source: Administrator of the Fund. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:44pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">5</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.50%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;text-align:justify;text-decoration:none; text-transform:none;vertical-align:top;width:100%;">Total
 return on NAV uses the same methodology as is described in note 2, but with use of NAV for beginning, ending and reinvestment values. Because the Fund&#8217;s expenses (ratios detailed on page 15 of this report) reduce the Fund&#8217;s NAV, they
are already reflected in the Fund&#8217;s total return on NAV shown in the table. NAV represents the underlying value of the Fund&#8217;s net assets, but the market price per share may be higher or lower than the NAV. Source: Administrator of the
Fund. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:1.50%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.5pt;text-align:justify; text-decoration:none;text-transform:none;vertical-align:top;width:100%;">The
 Composite Index is a composite of the returns of the Alerian US Midstream Energy, MSCI USA Utilities (net), MSCI World ex USA Utilities, MSCI World Core Infrastructure Selected GICS (net), and FTSE All-World Telecommunications Indices, weighted
monthly to reflect the stock sector allocation of the Fund based on beginning of month market values. The MSCI World Core Infrastructure Selected GICS Index (net) incepted on November 1, 2020, and thus does not have five- and ten-year return
information. The Alerian US Midstream Energy Index was launched June 25, 2018 and therefore does not have ten-year return information. Prior to November 1, 2018, the Composite Index was a composite of the returns of the Alerian MLP, MSCI USA
Utilities, MSCI World ex USA Utilities (net), and MSCI World Telecom Indices, weighted monthly to reflect the stock sector allocation of the Fund based on beginning of month market values. The November 1, 2018 change in the indices comprising the
Composite Index was discussed in the 2018 Annual Report. The indices are calculated on a total return basis, net of foreign withholding taxes, with dividends reinvested. Indices are unmanaged; their returns do not reflect any fees, expenses, or
sales charges; and they are not available for direct investment. Source: Index returns were obtained from MSCI and Morningstar Direct. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:402pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">6</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS
<FONT style="text-transform:uppercase;"><br>October 31, 2024</FONT></DIV> </DIV> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.18%;">Shares
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:52.11%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-top:0pt SOLID #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:100%;" colspan="5">Common
 Stocks &amp; MLP Interests&#8212;133.3% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:82.65%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Airport Services&#8212;2.6%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">27,600
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Aena SME S.A.
(Spain)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:28.54%;">$
<FONT style="padding-left:14pt;">6,094,446</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">17,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Flughafen Zurich AG Registered Shares
(Switzerland)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">4,004,169
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">34,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Grupo Aeroportuario del Centro Norte SAB de C.V. ADR
(Mexico)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:22.5pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">2,279,700
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:52.11%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">12,378,315
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:82.65%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Electric, Gas and Water&#8212;75.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">236,390
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Alliant Energy Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">14,183,400
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">125,660
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Ameren Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">10,946,243
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">111,800
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Atmos Energy Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">15,515,604
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">757,097
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">CenterPoint Energy, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">22,357,074
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">208,500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">CMS Energy Corp.
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">14,513,685
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">139,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">DTE Energy Co.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">17,266,580
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">250,300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Duke Energy Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">28,852,081
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">183,600
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Edison International
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">15,128,640
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">900,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Enel SpA
(Italy)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">6,823,456
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">110,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Entergy Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">17,025,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">268,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Evergy, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">16,197,920
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">97,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Eversource Energy
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">6,387,450
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">633,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Iberdrola S.A.
(Spain)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">9,395,207
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">443,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">NextEra Energy, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">35,107,750
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">430,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Pennon Group plc (United
Kingdom)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">3,019,054
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">786,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">PG&amp;E Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">15,892,920
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">530,235
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">PPL Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">17,264,452
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">131,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Public Service Enterprise Group, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">11,712,710
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">230,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Redeia Corp. S.A.
(Spain)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">4,253,102
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">341,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">RWE AG
(Germany)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">11,042,370
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">286,675
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Southern Co. (The)
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">26,096,025
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">195,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Veolia Environnement S.A.
(France)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">6,187,285
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">170,300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">WEC Energy Group, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">16,268,759
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.18%;">290,300
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Xcel Energy, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">19,394,943
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:0.95pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.95pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.95pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:52.11%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.95pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt Solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.95pt;padding-left:13.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">360,832,510
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:98.17%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.50%;">Shares
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:53.08%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:84.19%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Highways &amp; Railtracks&#8212;2.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">190,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Ferrovial SE
(Netherlands)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.07%;">$
<FONT style="padding-left:14pt;">7,622,082</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">533,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Transurban Group
(Australia)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:22.5pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">4,458,252
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:53.08%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">12,080,334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:15pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-indent:-11pt;text-transform:none;vertical-align:bottom;width:84.19%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Integrated Telecommunication Services&#8212;2.4%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">495,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">AT&amp;T, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">11,157,300
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:84.19%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Multi-Utilities&#8212;10.9%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">560,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">E.ON SE
(Germany)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">7,562,473
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">581,250
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">National Grid plc (United
Kingdom)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">7,316,549
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">576,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">NiSource, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">20,252,160
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">203,400
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Sempra
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">16,957,458
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:53.08%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">52,088,640
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:15pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-indent:-11pt;text-transform:none;vertical-align:bottom;width:84.19%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Oil &amp; Gas Storage, Transportation and Production&#8212;34.2%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">102,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Cheniere Energy, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">19,520,760
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">66,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">DT Midstream, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">5,949,900
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">993,185
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Energy Transfer LP
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">16,367,689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">357,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Enterprise Products Partners LP
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">10,231,620
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">471,575
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">MPLX LP
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">20,947,362
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">225,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">ONEOK, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">21,798,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">192,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Pembina Pipeline Corp.
(Canada)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">8,032,463
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">422,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Plains All American Pipeline</DIV><BR> <DIV style="float:left;">LP
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">6,865,940
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">100,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Sunoco LP
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">5,080,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">133,300
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Targa Resources Corp.
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">22,255,768
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">185,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Western Midstream Partners LP
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">6,980,050
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">372,147
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Williams Cos., Inc. (The)
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">19,489,338
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:53.08%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:13.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">163,518,890
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;padding-top:62pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these
financial statements.</DIV> </DIV> </DIV> <DIV style="padding-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">7</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:98.17%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.50%;">Shares
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:53.08%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:84.19%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Railroads&#8212;4.3%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">40,700
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Canadian Pacific Kansas City Ltd.
(Canada)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:29.07%;">$
<FONT style="padding-left:14pt;">3,139,718</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">95,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">CSX Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">3,195,800
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">25,900
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Norfolk Southern Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:22.5pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">6,486,137
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">33,600
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Union Pacific Corp.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:22.5pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">7,797,552
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:53.08%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:18pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">20,619,207
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:84.19%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Telecom Tower REITs&#8212;0.9%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:17.50%;">39,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:53.08%;">
<DIV style="float:left;">Crown Castle, Inc.
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:22.5pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">4,192,110
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:17.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:9pt;padding-right:4pt;padding-top:1.95pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:bottom;width:53.08%;">Total
 Common Stocks &amp; MLP Interests<BR> (Cost $529,713,830) </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.04%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:13.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:29.07%;">636,867,306
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:1.88pt;padding-right:4pt;text-align:center;vertical-align:bottom;width:19.18%;">&#160; </TD>
<TD style="padding-bottom:1.88pt;padding-right:4pt;text-align:center;vertical-align:bottom;width:54.11%;">&#160; </TD>
<TD style="padding-bottom:1.88pt;text-align:center;vertical-align:bottom;width:28.54%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:1.88pt;text-align:left;text-decoration:none;text-transform:uppercase; vertical-align:top;width:100%;" colspan="3">Short-Term
Investment&#8212;0.8% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:19.18%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.88pt;padding-left:15pt;padding-top:0.88pt;text-align:left;text-decoration:none; text-indent:-11pt;text-transform:none;vertical-align:bottom;width:82.65%;" colspan="2">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Money Market Mutual Fund&#8212;0.8%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:0.88pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:19.18%;">3,830,925
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:0.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:54.11%;">
<DIV style="float:left;">BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield
4.758%)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:13pt;padding-top:0.88pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:28.54%;">3,830,925
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.82pt;text-align:right;vertical-align:top;width:19.18%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:9pt;padding-right:4pt;padding-top:1.82pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:bottom;width:54.11%;">Total
 Short-Term Investment<BR> (Cost $3,830,925) </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:13pt;padding-top:1.82pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">3,830,925
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1.82pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:top;width:73.29%;" colspan="2">TOTAL
 INVESTMENTS BEFORE WRITTEN OPTIONS<FONT style="font-weight:Normal;">&#8212;</FONT>134.1%<BR> (Cost $533,544,755) </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.82pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">640,698,231
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.18%;">Shares
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:52.11%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.88pt;padding-left:4pt;padding-top:1.88pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:82.65%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Written Options&#8212;(0.0)%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.88pt;padding-left:9pt;padding-top:0.88pt;text-align:left;text-decoration:none; text-indent:-5pt;text-transform:none;vertical-align:bottom;width:82.65%;" colspan="3">(see
 Open Written Option Contracts on the next page) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:9pt;padding-right:4pt;padding-top:0.88pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:bottom;width:52.11%;">Total
 Written Options<BR> (Premiums received $463,401) </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:0.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:6.99pt;padding-top:0.88pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:28.54%;">$
<FONT style="padding-left:14.76pt;">(174,073)</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.88pt;padding-left:5pt;padding-right:4pt;padding-top:1.82pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:top;width:71.29%;" colspan="3">TOTAL
 INVESTMENTS AFTER WRITTEN OPTIONS&#8212;134.1%<BR> (Cost $533,081,354) </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:1.82pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.88pt;padding-left:13.5pt;padding-top:1.82pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">640,524,158
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.88pt;padding-left:4pt;padding-right:4pt;padding-top:0.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">Secured
 borrowings&#8212;(26.2)% </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.88pt;padding-left:10.51pt;padding-top:0.88pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">(125,000,000)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.88pt;padding-left:4pt;padding-right:4pt;padding-top:0.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">Mandatory
 Redeemable Preferred Shares at liquidation value&#8212;(7.3)% </TD>
<TD style="line-height:0pt;padding-bottom:0.88pt;padding-right:4pt;padding-top:0.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0.88pt;padding-left:15.01pt;padding-top:0.88pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">(35,000,000)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:17.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:0.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:0.88pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:52.11%;">
<DIV style="float:left;">Other assets less other
liabilities&#8212;(0.6)%</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:0.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:19.51pt;padding-top:0.88pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:28.54%;">(2,754,666)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1.62pt;padding-left:5pt;padding-right:4pt;padding-top:1.82pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:top;width:71.29%;" colspan="3">NET
 ASSETS APPLICABLE TO COMMON STOCK&#8212;100.0% </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:4pt;padding-top:1.82pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.62pt;padding-left:4pt;padding-top:1.82pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:28.54%;">$
<FONT style="padding-left:5pt;">477,769,492</FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.61%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.06%;">All or
 a portion of the security is segregated as collateral for borrowings. The value of securities segregated as collateral is $313,776,614. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.61%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.06%;">All
 or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $29,135,829. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.61%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.06%;">Shares
 of this fund are publicly offered, and its prospectus and annual report are publicly available. </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="padding-top:8pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The percentage shown for each investment category is
the total value of that category as a percentage of the net assets applicable to common stock of the Fund.</DIV> </DIV> <DIV style="margin-top:68pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:86pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of
these financial statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">8</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">

<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:8pt;padding-top:4pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="11">Open
 Written Option Contracts as of October 31, 2024, were as follows: </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:4pt;padding-right:3pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:42.67%;">Description
 of Option </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.67%;">Number
 of<BR> Contracts </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.33%;">Contract
<BR> Notional<BR> Amount </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.33%;">Strike
<BR> Price </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.33%;">Expiration
<BR> Date </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:8pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.83%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:3pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.67%;">Exchange-Traded
 Call Options </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:9pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:10.67%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:9.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:9.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:9.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:8pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:10.83%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.67%;">
<DIV style="float:left;">NextEra Energy,
Inc.</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.67%;">(2,600)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:9.33%;">$(24,700)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:9.33%;">$
<FONT style="padding-left:4.5pt;"></FONT>95.00 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.33%;">1/17/25
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:8pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:10.83%;">$(119,600)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:42.67%;">
<DIV style="float:left;">WEC Energy Group,
Inc.</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:12.75pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.67%;">(893)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:2.5pt;padding-left:15pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:9.33%;">(9,377)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:2.5pt;padding-left:10.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:9.33%;">105.00
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.33%;">1/17/25
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:2.5pt;padding-left:15pt;padding-right:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.83%;">(54,473)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:2.5pt;padding-right:3pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:42.67%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:10.67%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:9.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:9.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:9.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:8pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.83%;">$(174,073)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;s
investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the
investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 1&#8212;quoted prices in active markets for
identical securities</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 2&#8212;other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 3&#8212;significant unobservable inputs
(including the&#160;Investment Adviser&#8217;s Valuation Committee&#8217;s own assumptions in determining fair value of investments)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value each of the Fund&#8217;s investments at October 31, 2024:</DIV>
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:left;vertical-align:bottom;width:76.50%;">&#160; </TD>
<TD style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.33%;">Level
 1 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:10.50%;">Level
 2 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:76.50%;">
<DIV style="float:left;">Common stocks &amp; MLP
interests</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:12.33%;">$636,867,306
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:2.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:10.50%;">$
<FONT style="padding-left:18.74pt;"></FONT>&#8212; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:76.50%;">
<DIV style="float:left;">Money market mutual
fund</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1.25pt;padding-left:19.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.33%;">3,830,925
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1.25pt;padding-left:29.24pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:10.50%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:76.50%;">
<DIV style="float:left;">Written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:23.26pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.33%;">(119,600)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:10.5pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.50%;">(54,473)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:76.50%;">
<DIV style="float:left;">Total
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.33%;">$640,578,631
 </TD>
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.50%;">$(54,473)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">There were no Level 3
priced securities held at October 31, 2024 and there were no transfers into or out of Level 3 related to securities held at October 31, 2024.</DIV> </DIV> <DIV style="margin-top:89pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:107pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of
these financial statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">9</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">SECTOR
ALLOCATION* (Unaudited)</DIV> <DIV style="margin-top:18pt;text-align:Center;width:100%;">
<IMG src="g885046img0cfb48c13.gif" alt=" "> </DIV> </DIV> <DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:48.76%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">COUNTRY WEIGHTINGS* (Unaudited)</DIV>
<DIV style="margin-top:18pt;text-align:Center;width:100%;">
<IMG src="g885046img304f48e44.gif" alt=" "> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48.76%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">CURRENCY EXPOSURE* (Unaudited)</DIV>
<DIV style="margin-top:18pt;text-align:Center;width:100%;">
<IMG src="g885046img52c286665.gif" alt=" "> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;padding-top:5pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:9.1168pt;text-align:left;text-decoration:none; text-indent:-9.1168pt;text-transform:none;">*&nbsp;Percentages
 are based on total investments before&#160;written&#160;options&#160;rather than net assets applicable to common stock.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:33.07%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:92.94%;" colspan="2">Currency
 Abbreviations: </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.38%;">AUD
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:76.56%;">Australian
 Dollar </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.38%;">CAD
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:76.56%;">Canadian
 Dollar </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.38%;">CHF
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:76.56%;">Swiss
 Franc </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.38%;">EUR
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:76.56%;">Euro
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.38%;">GBP
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:76.56%;">United
 Kingdom Pound Sterling </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-right:7.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:16.38%;">USD
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:7.5pt;padding-right:3pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:76.56%;">United
 States Dollar </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="padding-top:24pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">10</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF ASSETS AND LIABILITIES</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:86.15%;">Assets:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;text-align:center;vertical-align:bottom;width:15.80%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Investments at value (cost
$533,544,755)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.80%;">$640,698,231
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Foreign currency at value (cost
$3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:59pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">3
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:86.15%;">Receivables:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:15.80%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Dividends
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">854,093
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Tax reclaims
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">586,471
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Prepaid expenses
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:15.80%;">20,246
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Total
assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.80%;">642,159,044
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:86.15%;">Liabilities:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:15.80%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Written options at value (premiums received $463,401)&#8201;(Note
5)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">174,073
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Secured borrowings&#8201;(Note
9)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:14pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">125,000,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:86.15%;">Payables:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:15.80%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Common shares repurchased
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">114,990
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Dividend distributions
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:24pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">2,612,862
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Investment advisory fees&#8201;(Note
3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">544,998
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Administrative fees (Note
3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">46,598
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Interest on secured borrowings&#8201;(Note
9)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">632,081
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Interest on floating rate mandatory redeemable preferred shares&#8201;(Note
8)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">205,094
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Accrued
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">96,522
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Floating rate mandatory redeemable preferred shares (liquidation preference $35,000,000, net of deferred offering costs of $37,666)&#8201;(Note
8)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:15.80%;">34,962,334
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Total
liabilities</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.80%;">164,389,552
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.62pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">NET ASSETS APPLICABLE TO COMMON
STOCK</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.62pt;padding-left:9pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:15.80%;">$477,769,492
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2.62pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:86.15%;">CAPITAL:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2.62pt;text-align:center;vertical-align:bottom;width:15.80%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Common stock ($0.001 par value; 596,000,000 shares authorized and 37,316,585 shares issued and
outstanding)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.80%;">$
<FONT style="padding-left:22.5pt;"></FONT>37,317 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Additional paid-in
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:14pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.80%;">374,860,289
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Total distributable earnings (accumulated
losses)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:15.80%;">102,871,886
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.62pt;padding-left:10pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">Net assets applicable to common
stock</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.62pt;padding-left:9pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.80%;">$477,769,492
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:9pt;padding-top:2.62pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:86.15%;">
<DIV style="float:left;">NET ASSET VALUE PER SHARE OF COMMON
STOCK</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:2.62pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.80%;">$
<FONT style="padding-left:27.5pt;"></FONT>12.80 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:82pt;width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">11</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF OPERATIONS</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">FOR THE YEAR ENDED <FONT style="text-transform:uppercase;">October
31, 2024</FONT></DIV> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:85.43%;">INVESTMENT
 INCOME: </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;text-align:center;vertical-align:bottom;width:16.52%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Dividends (less foreign withholding tax of
$443,877)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:16.52%;">$
<FONT style="padding-left:5pt;"></FONT>22,790,322 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Less return of capital distributions (Note
2)&#8201;</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:20.67pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.52%;">(5,934,426)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Total investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.52%;">16,855,896
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:85.43%;">EXPENSES:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:16.52%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Investment advisory fees (Note
3)&#8201;</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:24pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">5,858,675
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Administrative fees (Note
3)&#8201;</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">425,868
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Interest expense and fees on secured borrowings (Note
9)&#8201;</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:24pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">7,769,375
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Interest expense and amortization of deferred offering costs on preferred shares (Note
8)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:24pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">2,708,954
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Professional
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">205,972
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Reports to shareholders&#8201;
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">158,066
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Directors&#8217; fees (Note
3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">85,175
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Accounting agent
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">57,489
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Custodian fees
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">21,710
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Transfer agent
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:36.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">10,814
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Other
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.52%;">106,715
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Total
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:2pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.52%;">17,408,813
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:28.17pt;padding-top:2pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.52%;">(552,917)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">REALIZED
 AND UNREALIZED GAIN (LOSS): </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:16.52%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net realized gain (loss) on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:19pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">42,430,490
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net realized gain (loss) on foreign currency transactions
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:33.17pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.52%;">(57,700)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net realized gain (loss) on written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">376,133
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net change in unrealized appreciation / depreciation on investments and foreign currency
translation</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:19pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:16.52%;">99,902,439
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net change in unrealized appreciation / depreciation on written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.52%;">289,328
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">Net realized and unrealized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-top:2pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:16.52%;">142,940,690
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:85.43%;">
<DIV style="float:left;">NET INCREASE IN NET ASSETS APPLICABLE TO COMMON STOCK</DIV><BR> <DIV style="float:left;">RESULTING FROM
OPERATIONS</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.52%;">$142,387,773
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:111pt;width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">12</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENTS OF CHANGES IN NET ASSETS </DIV> </DIV>
<DIV style="margin-top:2pt;width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:2.5pt;padding-right:9pt;text-align:left;vertical-align:bottom;width:66.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:9pt;padding-right:9pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.96%;">For
 the<BR> year ended<BR> October 31, 2024 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:9pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.96%;">For
 the<BR> year ended<BR> October 31, 2023 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:66.03%;">OPERATIONS:
 </TD>
<TD style="border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:15.96%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:0.80pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:9pt;padding-right:9pt;padding-top:0.80pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.96%;">$
<FONT style="padding-left:14.17pt;"></FONT>(552,917) </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:9pt;padding-top:0.80pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.96%;">$
<FONT style="padding-left:6.67pt;"></FONT>(1,559,633) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Net realized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:19pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:15.96%;">42,748,923
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:15.67pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.96%;">(22,364,359)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Net change in unrealized appreciation / depreciation
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">100,191,767
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.96%;">(14,476,233)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Net increase (decrease) in net assets applicable to common stock resulting from
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-right:9pt; padding-top:1.55pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">142,387,773
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-top:1.55pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">(38,400,225)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:66.03%;">DISTRIBUTIONS
 TO COMMON STOCKHOLDERS: </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:15.96%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Net investment income and capital
gains</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:15.67pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:15.96%;">(12,667,507)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:28.17pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.96%;">(974,704)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Return of
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">(21,909,418)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.96%;">(47,099,302)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Decrease in net assets from distributions to common stockholders (Note
6)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-right:9pt; padding-top:1.55pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">(34,576,925)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-top:1.55pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">(48,074,006)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:66.03%;">From
 Capital Share Transactions </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:15.96%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:15pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Shares issued to common stockholders from dividend reinvestment (0 and 66,662 shares,
respectively)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:54pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:15.96%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:31.5pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.96%;">849,879
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Common shares repurchased (Note 10) (865,155 and 0 shares,
respectively)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:20.67pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">(9,344,817)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:54pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.96%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">Increase
 (Decrease) in net assets from capital share transactions </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20.67pt;padding-right:9pt; padding-top:1.55pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">(9,344,817)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:31.5pt;padding-top:1.55pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">849,879
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:5pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Total increase (decrease) in net
assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:19pt;padding-right:9pt;padding-top:1.55pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:15.96%;">98,466,031
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:15.67pt;padding-top:1.55pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.96%;">(85,624,352)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:66.03%;">TOTAL
 NET ASSETS APPLICABLE TO COMMON STOCK: </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:bottom;width:15.96%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-top:0.80pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">Beginning of
year</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:14pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:15.96%;">379,303,461
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:14pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.96%;">464,927,813
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.03%;">
<DIV style="float:left;">End of
year</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt; padding-top:0.80pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.96%;">$477,769,492
 </TD>
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:0.80pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">$379,303,461
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:193pt;width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">13</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF CASH FLOWS</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">FOR THE YEAR ENDED <FONT style="text-transform:uppercase;">October
31, 2024</FONT></DIV> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:9pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:84.71%;">INCREASE&#160;(DECREASE)&#160;IN&#160;CASH
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">Cash
 flows provided by (used in) operating activities: </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:5pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:84.71%;">
<DIV style="float:left;">Net&#160;increase&#160;(decrease)&#160;in&#160;net&#160;assets&#160;resulting&#160;from&#160;
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:9pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.24%;">$
<FONT style="padding-left:3.33pt;"></FONT>142,387,773 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:bottom;width:84.71%;">Adjustments
 to reconcile net increase (decrease) in net assets resulting from operations to net cash&#160;provided&#160;by&#160;(used&#160;in)&#160;operating&#160;activities: </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Proceeds from sale of long-term
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:17.33pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">350,062,460
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">(Increase) Decrease in investment securities sold
receivable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:27.33pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">2,216,500
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Purchases of long-term
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:14pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(316,622,597)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net (purchases) or sales of money market mutual
funds</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:24pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(3,830,925)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net change in unrealized (appreciation)/depreciation on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:19pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(99,892,049)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net change in unrealized (appreciation)/depreciation on written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:31.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(289,328)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net realized (gain)/loss on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:19pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(42,430,490)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net realized (gain)/loss on written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:31.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(376,133)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Return of capital distributions on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:27.33pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">5,934,426
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Proceeds from litigation
settlements</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:44.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">1,406
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net proceeds from written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:34.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">839,534
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Amortization of deferred offering costs on mandatory redeemable preferred
shares</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:39.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">46,412
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">(Increase) Decrease in tax reclaims
receivable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:44.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">5,222
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">(Increase) Decrease in dividends
receivable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:34.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">786,787
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">(Increase) Decrease in prepaid
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:39.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">14,743
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Increase (Decrease) in interest payable on secured
borrowings</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:36.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(46,610)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Increase (Decrease) in interest payable on mandatory redeemable preferred
shares</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:36.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(24,155)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Increase (Decrease) in affiliated expenses
payable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:39.83pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">86,754
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Increase (Decrease) in non-affiliated&#160;expenses
payable</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:41.5pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(7,688)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Cash provided by (used in) operating
activities</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:22.33pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">38,862,042
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.75pt;padding-left:5pt;padding-right:9pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">Cash
 provided by (used in) financing activities: </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1.5pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:5pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Common shares
repurchased</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:24pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(9,229,827)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:5pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Cash distribution paid to
shareholders</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:19pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(31,964,063)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Due to
custodian</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:24pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(2,216,838)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Cash provided by (used in) financing
activities:</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(43,410,728)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Net increase (decrease) in
cash</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:24pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">(4,548,686)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Cash at beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:27.33pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.24%;">4,548,689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.12pt;padding-left:0pt;padding-right:9pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">Foreign
 currency at end of period </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.12pt;padding-left:9pt;padding-top:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.24%;">$
<FONT style="padding-left:48.33pt;"></FONT>3 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:5pt;padding-right:9pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">Supplemental
 cash flow information: </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:17.24%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:5pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Cash paid during the period for interest expense on
secured&#160;
borrowings</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.75pt;padding-left:9pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.24%;">$
<FONT style="padding-left:13.33pt;"></FONT>7,815,985 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:12pt;padding-left:5pt;padding-right:9pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.71%;">
<DIV style="float:left;">Cash paid during the period for interest expense on floating rate mandatory redeemable preferred
shares</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:12pt;padding-left:9pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.24%;">$
<FONT style="padding-left:13.33pt;"></FONT>2,686,697 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:74pt;width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">14</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">FINANCIAL HIGHLIGHTS&#8212;SELECTED PER SHARE DATA AND RATIOS</DIV>
</DIV> <DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The
table below provides information about income and capital changes for a share of common stock outstanding throughout the periods indicated (excluding supplemental data provided below):</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;text-align:left;vertical-align:bottom;width:56.07%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:44.14%;" colspan="9">For
 the year ended October 31, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:56.07%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">2024
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">2023
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">2022
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">2021
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">2020
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">PER
 SHARE DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:6.37%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.94%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net asset value, beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:12pt;"></FONT>9.93 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>12.20 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>13.93 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.37%;">$
<FONT style="padding-left:8pt;"></FONT>12.11 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.94%;">$
<FONT style="padding-left:8pt;"></FONT>16.40 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.01)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.04)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">0.12
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">0.12
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">0.22
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net realized and unrealized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">3.76
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.97)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.45)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">3.10
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(3.11)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-4pt;text-transform:none;vertical-align:bottom;width:56.07%;">Net
 increase (decrease) from investment operations applicable to common stock </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">3.75
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(1.01)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.33)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">3.22
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(2.89)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">Distributions
 on common stock: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:6.37%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:8.94%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.33)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.03)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.12)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.37%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(0.71)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net realized
gain</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.37%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:8.94%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Return of
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.58)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(1.23)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(1.28)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">(1.40)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(0.69)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">Total
 distributions </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.91)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(1.26)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(1.40)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">(1.40)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(1.40)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Anti-dilutive impact of share repurchase program (Note
10)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">0.03
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:8.94%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net asset value, end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>12.80 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:12pt;"></FONT>9.93 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>12.20 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.37%;">$
<FONT style="padding-left:8pt;"></FONT>13.93 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.94%;">$
<FONT style="padding-left:8pt;"></FONT>12.11 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.62pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Market value, end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>11.46 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:12pt;"></FONT>8.27 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>13.26 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.37%;">$
<FONT style="padding-left:8pt;"></FONT>14.26 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-top:1.62pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.94%;">$
<FONT style="padding-left:8pt;"></FONT>10.20 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.75pt;padding-left:4pt;padding-right:1.5pt;padding-top:1.62pt;text-align:left; text-decoration:none;text-indent:-4pt;text-transform:none;vertical-align:bottom;width:56.07%;">RATIOS
 TO AVERAGE NET ASSETS APPLICABLE TO<BR> COMMON STOCK: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.37%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:8.94%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Operating
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">4.08%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">4.12%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">2.51%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">2.27%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">2.82%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Operating expenses, without
leverage</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">1.61%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">1.66%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">1.62%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">1.62%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">1.67%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.13)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.35)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">0.85%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">0.88%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">1.59%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">SUPPLEMENTAL
 DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.37%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:8.94%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Total return on market
value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">51.60%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(30.11)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">3.04%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">55.26%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(25.95)%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Total return on net asset
value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">39.57%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(9.21)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(2.67)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">27.62%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">(17.42)%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Portfolio turnover
rate</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">54%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">32%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">50%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">45%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">50%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Net assets applicable to common stock, end of period (000&#8217;s
omitted)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$477,769
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$379,303
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$464,928
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">$529,152
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">$459,201
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Secured borrowing outstanding, end of period (000&#8217;s
omitted)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$125,000
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$125,000
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$155,000
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">$170,000
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.94%;">$130,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Asset coverage on secured
borrowings<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>5,102 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>4,314 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>4,258 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.37%;">$
<FONT style="padding-left:8pt;"></FONT>4,348 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:8.94%;">$
<FONT style="padding-left:8pt;"></FONT>5,148 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Mandatory redeemable preferred shares, end of period (000&#8217;s
omitted)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:4pt;"></FONT>35,000 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:4pt;"></FONT>35,000 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:4pt;"></FONT>40,000 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.37%;">$
<FONT style="padding-left:4pt;"></FONT>40,000 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:8.94%;">$
<FONT style="padding-left:4pt;"></FONT>80,000 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Asset coverage on mandatory redeemable preferred
shares<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:14pt;"></FONT>100 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:18pt;"></FONT>84 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:18pt;"></FONT>85 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.37%;">$
<FONT style="padding-left:18pt;"></FONT>88 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:8.94%;">$
<FONT style="padding-left:18pt;"></FONT>80 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:56.07%;">
<DIV style="float:left;">Asset coverage ratio on total leverage (secured borrowings and mandatory redeemable preferred shares), end of
period<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">399%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">337%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">338%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.37%;">352%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:8.94%;">319%
 </TD></TR></TABLE> </DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:9%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;padding-top:3pt;text-align:left;vertical-align:top;width:1.78%;">&#160; </TD>
<TD style="padding-top:3pt;text-align:left;vertical-align:top;width:98.87%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">Total
 return on market value assumes a purchase of common stock at the closing market price of the last business day of the prior period and a sale at the closing market price on the last business day of each period shown in the table and assumes
reinvestment of dividends at the actual reinvestment prices obtained under the terms of the Fund&#8217;s dividend reinvestment plan. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund
distributions or the sale of fund shares. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses and taxes are not reflected in the above calculations, your total return net of brokerage
and tax expense would be lower than the total return on market value shown in the table. Total return on net asset value uses the same methodology, but with the use of net asset value for beginning, ending and reinvestment values. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">Represents
 value of net assets applicable to common stock plus the secured borrowings and mandatory redeemable preferred shares (&#8220;preferred shares&#8221;) outstanding at period end divided by the secured borrowings outstanding at period end, calculated
per $1,000 principal amount of borrowing. The rights of debt holders are senior to the rights of the holders of the Fund&#8217;s common and preferred shares. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">The
 Fund&#8217;s preferred shares are not publicly traded. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">Represents
 value of net assets applicable to common stock plus secured borrowings and preferred shares outstanding at period end divided by the secured borrowings and preferred shares outstanding at period end, calculated per $25 liquidation preference per
share of preferred shares. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.87%;">Represents
 value of net assets applicable to common stock plus secured borrowings and preferred shares outstanding at period end divided by the secured borrowings and preferred shares outstanding at period end. </TD></TR></TABLE> </DIV> </DIV>
<DIV style="margin-top:64pt;width:91.78%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The
accompanying notes are an integral part of these financial statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">15</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS <FONT
 style="text-transform:uppercase;"><br>October 31, 2024</FONT></DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;1.&nbsp;Organization</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Duff &amp; Phelps Utility and Infrastructure Fund
Inc. (&#8220;DPG&#8221; or the &#8220;Fund&#8221;) was incorporated under the laws of the State of Maryland on March 15, 2011. The Fund commenced operations on July 29, 2011, the date on which its initial public offering shares were issued, as a
non-diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund&#8217;s investment objective is to seek total return, resulting <FONT
 style="font-style:italic;">primarily</FONT> from (i) a high level of current income, with an emphasis on providing tax-advantaged dividend income, and (ii) growth in current income, and <FONT style="font-style:italic;">secondarily</FONT> from
capital appreciation.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;2.&nbsp;Significant Accounting
Policies</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an investment company
that follows the accounting and reporting guidance of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 applicable to Investment Companies.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The following are the significant accounting
policies of the Fund:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
Valuation:<FONT style="font-style:Normal;"> Equity securities traded on a national or foreign securities exchange or traded over-the-counter and quoted on the NASDAQ Stock Market are valued at the last reported sale price or, if there was no sale on
the valuation date, then the security is valued at the closing bid price, in each case using valuation data provided by an independent pricing service, and are generally classified as Level 1. Equity securities traded on more than one securities
exchange shall be valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities and are classified as Level 1. If there was no sale on
the valuation date, then the security is valued at the closing bid price of the exchange representing the principal market for such securities. Exchange traded options are valued at the last posted settlement price on the market where such option is
principally traded and are classified as Level 1. If an option is not traded on valuation date, the option will be fair valued, and classified as Level 2. The Fund&#8217;s Board of Directors has designated the Investment Adviser as the
valuation&#160;designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. Any securities for which it is determined that market prices are unavailable or unreliable are fair valued using the Investment Adviser&#8217;s Valuation
Committee&#8217;s own assumptions and are classified as Level 2 or 3 based on the valuation inputs.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
Transactions and Investment Income:<FONT style="font-style:Normal;"> Security transactions are recorded on the trade date. Realized gains and losses from sales of securities are determined on the identified cost basis. Dividend income is recognized
on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income and expense are recognized on the accrual basis.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;s investments include master
limited partnerships (&#8220;MLPs&#8221;) which make distributions that are primarily attributable to return of capital. Dividend income is recorded using management&#8217;s estimate of the percentage of income included in the distributions received
from the MLP investments based on their historical dividend results. Distributions received in excess of this estimated amount are recorded as a reduction of cost of investments (i.e., a return of capital). The actual amounts of income and return of
capital components of its distributions are only</DIV> </DIV> <DIV style="margin-top:37pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">16</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:9pt;text-align:justify;text-decoration:none;text-transform:none;">determined
by each MLP after its fiscal year-end and may differ from the estimated amounts. For the year ended October 31, 2024, the Fund estimated that 100% of the MLP distributions received would be treated as a return of capital.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
Taxes:<FONT style="font-style:Normal;"> It is the Fund&#8217;s intention to comply with requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) applicable to regulated investment companies and to
distribute substantially all of its taxable income and capital gains to its shareholders. Therefore, no provision for federal income or excise taxes is required.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund may be subject to foreign taxes on
income or gains on investments, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it
invests.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Management of the Fund has
concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Fund&#8217;s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a
period of three years after they are filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
Currency Translation:<FONT style="font-style:Normal;"> Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the
reporting period. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts at the rate of exchange prevailing on the respective dates of such transactions.
The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with
the net realized and unrealized gain or loss on investments.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative
Financial Instruments:<FONT style="font-style:Normal;"> Disclosures on derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by enhanced disclosure that enables the investors to
understand how and why a fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a fund&#8217;s results of operations and financial position. Summarized below is a specific type of derivative instrument used
by the Fund.</FONT></DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Options</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund is subject to equity price risk in the
normal course of pursuing its investment objectives and is authorized to write (sell) covered call options, in an attempt to manage such risk and with the purpose of generating realized gains. A call option on a security is a contract that gives the
holder of such call option the right to buy the security underlying the call option from the writer of such call option at a specified price (strike price) at any time during the term of the option. A covered call option is an option written on a
security held by the Fund.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">When a call
option is written (sold), the Fund receives a premium (or call premium) from the buyer of such call option and records a liability to reflect its obligation to deliver the underlying security upon the exercise of the call option at the strike
price.</DIV> </DIV> <DIV style="margin-top:25pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">17</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Changes in
the value of the written options are included in &#8220;Net change in unrealized appreciation / depreciation on written options&#8221; on the Statement of Operations. &#8220;Net realized gain (loss) on written options&#8221; on the Statement of
Operations will include the following: (a) premiums received from holders on options that have expired, and (b) the difference between the premium received and the amount paid to repurchase an open option, including any commission. Premiums from
options exercised are added to the proceeds from the sale of the underlying security in order to determine the net realized gain or loss on the security.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of
Estimates:<FONT style="font-style:Normal;"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could differ from those estimates.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;3.&nbsp;Agreements and Management
Arrangements</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser:<FONT
 style="font-style:Normal;"> The Fund has an Advisory Agreement with Duff &amp; Phelps Investment Management Co. (the &#8220;Adviser&#8221; or &#8220;DPIM&#8221;), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc.
(&#8220;Virtus&#8221;). The Adviser receives a monthly fee at an annual rate of 1.00% of Average Weekly Managed Assets, which is defined as the average weekly value of the total assets of the Fund minus the sum of all accrued liabilities of the Fund
(other than the aggregate amount of any outstanding borrowings or other indebtedness constituting financial leverage).</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Administrator:<FONT style="font-style:Normal;"> The Fund has an Administration Agreement with Virtus Fund Services, LLC (the &#8220;Administrator&#8221;), an indirect, wholly owned subsidiary of Virtus. The Administrator receives a monthly fee at an
annual rate of 0.10% of the average weekly net assets of the Fund.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors:<FONT
 style="font-style:Normal;"> The Fund pays each director an annual fee. Total fees paid to directors for the year ended October 31, 2024 were $85,175.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;4.&nbsp;Investment Transactions</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Purchases and sales of investment securities
(excluding short-term investments) for the year ended October 31, 2024 were $316,622,597 and $350,062,460, respectively.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;5.&nbsp;Derivatives Transactions</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;s investments in derivatives may
represent economic hedges; however, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which the Fund was invested during the reporting period, refer to Note
2E above. During the year ended October 31, 2024, the Fund wrote call options on individual stocks held in its portfolio of investments to enhance returns while forgoing some upside potential. The risk in writing call options is that the Fund gives
up the opportunity for profit if the market price of the referenced security increases and the option is exercised. All written options have a primary risk exposure of equity price associated with them.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">For the year ended October 31, 2024, the average
quarterly premiums received for written options was $210,806.</DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">18</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The following
is a summary of the derivative activity reflected in the financial statements for the year ended October 31, 2024:</DIV> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:98.45%;" cellpadding="0" cellspacing="0">

<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1.5pt; padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.70%;" colspan="2">Statement
 of Assets and Liabilities </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:3pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:50.30%;" colspan="2">Statement
 of Operations </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt; padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:37.77%;">Assets:
 None </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt; padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.93%;">$
<FONT style="padding-left:25.83pt;"></FONT>&#8212; </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt; padding-left:11pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:bottom;width:39.13%;">Net
 realized gain (loss) on written options </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:6pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.17%;">$376,133
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt; padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:37.77%;">Liabilities:
 Written options at value </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal; font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:1.5pt;padding-left:11pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none;
text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.93%;">(174,073)
 </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt; padding-left:11pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:bottom;width:39.13%;">Net
 change in unrealized appreciation / depreciation on written options </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:1.5pt;padding-left:11pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.17%;">289,328
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt; padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:37.77%;">Net
 asset (liability) balance </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt; padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.93%;">$(174,073)
 </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt; padding-left:6pt;padding-right:6pt;padding-top:1.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:39.13%;">Total
 realized and unrealized gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt; padding-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.17%;">$665,461
 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;6.&nbsp;Distributions and Tax
Information</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">At&nbsp;October 31, 2024, the
approximate federal tax cost and aggregate gross unrealized appreciation (depreciation) were as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:97.48%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:left;vertical-align:bottom;width:39.67%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.27%;">Federal
<BR> Tax Cost </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.27%;">Unrealized
<BR> Appreciation </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.95%;">Unrealized
<BR> Depreciation </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.83%;">Net
 Unrealized<BR> Appreciation<BR> (Depreciation) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:39.67%;">
<DIV style="float:left;">Investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.27%;">$531,927,351
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:13.27%;">$114,818,331
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.95%;">$(6,047,451)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.83%;">$108,770,880
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:39.67%;">
<DIV style="float:left;">Written
options</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:6pt;padding-left:25.17pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.27%;">(463,401)
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:6pt;padding-left:28.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:13.27%;">289,328
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:6pt;padding-left:44.33pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.95%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:6pt;padding-left:28.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:15.83%;">289,328
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund has capital
loss carryovers available to offset future realized gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable.
For the year ended October 31, 2024, the Fund&#8217;s capital loss carryovers are as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:24.05%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:31pt;padding-right:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:45.34%;">Short-Term
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:52.66%;">Long-Term
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:31pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:45.34%;">$&#8212;
 </TD>
<TD style="line-height:0pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:52.66%;">$1,110,251
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Certain late year
ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the year ended October 31, 2024, no late year losses were deferred.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund declares and pays distributions on its
common shares of a stated amount per share. Subject to approval and oversight by the Fund&#8217;s Board of Directors, the Fund seeks to maintain a stable distribution level (a Managed Distribution Plan) consistent with the Fund&#8217;s primary
investment objective. If and when sufficient investment income is not available, the Fund will distribute long-term capital gains and/or return capital in order to maintain the per common share distribution level. From November 2023 through June
2024, the Fund paid a 21.0 cents per common share quarterly distribution rate. Effective July 2024, the quarterly distribution rate was changed to monthly rate at an equivalent 7.0 cents per common share monthly distribution rate. The character of
distributions is determined in accordance with federal tax regulations, which may differ from U.S. generally accepted accounting principles.</DIV> </DIV> <DIV style="margin-top:41pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">19</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The tax
character of distributions paid to common shareholders during the years ended October 31, 2024 and 2023 was as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:74.67%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:2pt;padding-right:6pt;text-align:left;vertical-align:bottom;width:66.07%;">&#160; </TD>
<TD style="padding-bottom:2pt;padding-right:6pt;text-align:right;vertical-align:bottom;width:14.96%;">&nbsp;</TD>
<td style="padding-bottom:2pt;padding-right:6pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </td>
<TD style="padding-bottom:2pt;padding-right:6pt;text-align:right;vertical-align:bottom;width:14.96%;">&#160; </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:66.07%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.96%;">2024
 </TD>
<td style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.96%;">2023
 </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:italic;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:60pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.07%;">Distributions
 paid from: </TD>
<TD style="line-height:9pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:14.96%;">&nbsp;</TD>
<td style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<TD style="line-height:9pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:14.96%;">&#160; </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:60pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.07%;">
 <DIV style="float:left;">Ordinary Income</DIV>
<HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.96%;">$12,667,507
 </TD>
<td style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.96%;">$
<font style="padding-left:11.25pt;"></font>974,704 </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:60pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.07%;">
 <DIV style="float:left;">Return of Capital</DIV>
<HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:2.5pt;padding-left:10.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.96%;">21,909,418
 </TD>
<td style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:2.5pt;padding-left:10.5pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.96%;">47,099,302
 </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:60pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:66.07%;">
 <DIV style="float:left;">Total distributions</DIV>
<HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.96%;">$34,576,925
 </TD>
<td style="line-height:0pt;padding-bottom:1.38pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </td>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.96%;">$48,074,006
 </TD> </TR> </TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">At October 31, 2024,
the components of distributable earnings/(accumulated losses) on a tax basis were as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:98.89%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.94%;">
<DIV style="float:left;">Other timing
differences</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:6pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:15.06%;">$
<FONT style="padding-left:6.67pt;"></FONT>(6,168,894) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:84.94%;">
<DIV style="float:left;">Net unrealized
appreciation</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:11pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.06%;">109,040,780
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:84.94%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.06%;">$102,871,886
 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;7.&nbsp;Reclassification of Capital
Accounts</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Certain capital accounts in the
financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year
net operating losses. These adjustments have no impact on net assets or net asset value per share of the Fund. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial
statement and tax purposes will likely reverse at some time in the future.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The reclassifications at October 31, 2024 primarily
relate to the Fund&#8217;s investment in MLPs and the recharacterization of MLP gains and distributions.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;8.&nbsp;Floating Rate Mandatory Redeemable
Preferred Shares</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In 2015, the Fund issued
4,000,000 Floating Rate Mandatory Redeemable Preferred Shares (&#8220;MRP Shares&#8221;) in three series each with a liquidation preference of $25.00 per share. Proceeds from the issuances were used to reduce the size of the Fund&#8217;s credit
facility.</DIV> </DIV> <DIV style="margin-top:126pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">20</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">On April
20, 2020, the Fund voluntarily redeemed all 800,000 of its outstanding Series A MRP Shares, on October 22, 2021, the Fund voluntarily redeemed all 1,600,000 of its outstanding Series B MRP Shares, and on July 14, 2023, the Fund voluntarily redeemed
200,000 of its outstanding Series C MRP Shares.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Key terms of Series C MRP Shares at October 31, 2024
are as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt; padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.70%;">Series
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.33%;">Shares
<BR> Outstanding </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.78%;">Liquidation
<BR> Preference </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:23.05%;">Quarterly
 Rate<BR> Reset </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.66%;">Rate
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.70%;">Weighted
 Daily<BR> Average Rate </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.11%;">Mandatory
<BR> Redemption<BR> Date </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.70%;">C
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.33%;">1,400,000
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:11.78%;">$35,000,000
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:23.05%;">3M
 Term SOFR + 2.21% </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.66%;">6.80%
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.70%;">7.48%
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.11%;">8/24/2025
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">SOFR - Secured Overnight
Financing Rate</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund incurred costs in
connection with the issuance of the MRP Shares. These costs were recorded as a deferred charge and are being amortized over the respective life of each series of MRP Shares. Amortization of these deferred offering costs of $46,412 is included under
the caption &#8220;Interest expense and amortization of deferred offering costs on preferred shares&#8221; on the Statement of Operations, and the unamortized balance is deducted from the carrying amount of the MRP Shares under the caption
&#8220;Floating rate mandatory redeemable preferred shares&#8221; on the Statement of Assets and Liabilities.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Holders of the MRP Shares are entitled to receive
quarterly cumulative cash dividend payments on the first business day following each quarterly dividend date, which is the last day of each of March, June, September and December.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">MRP Shares are subject to optional and mandatory
redemption by the Fund in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends plus, in some cases, an early redemption premium (which may vary
based on the date of redemption). The MRP Shares are not listed on any exchange or automated quotation system. The fair value of the MRP Shares is estimated to be their liquidation preference. The MRP Shares are categorized as Level 2 within the
fair value hierarchy. The Fund is subject to certain restrictions relating to the MRP Shares such as maintaining certain asset coverage, effective leverage ratio and overcollateralization ratio requirements. Failure to comply with these restrictions
could preclude the Fund from declaring any distributions to common shareholders and could trigger the mandatory redemption of the MRP Shares.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In general, the holders of the MRP Shares and of
the Common Stock have equal voting rights of one vote per share. The holders of the MRP Shares are entitled to elect two members of the Board of Directors, and separate class votes are required on certain matters that affect the respective interests
of the MRP Shares and the Common Stock.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;9.&nbsp;Secured Borrowings</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund has a Master Margin Loan Agreement (the
&#8220;Agreement&#8221;) with a commercial bank (the &#8220;Bank&#8221;) that allows the Fund to borrow cash from the Bank, up to a limit of $150,000,000 (the &#8220;Commitment Amount&#8221;). Cash borrowings under the Agreement are secured by
assets of the Fund that are held with the Fund&#8217;s custodian in a separate account. Interest is charged at Overnight Bank Funding Rate (&#8220;OBFR&#8221;) plus an additional percentage rate on the amount borrowed, and commitment fees are
charged on the undrawn balance, if less than 75% of the</DIV> </DIV> <DIV style="margin-top:24pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">21</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DUFF &amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">October 31, 2024</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:9pt;text-align:justify;text-decoration:none;text-transform:none;">Commitment
Amount is borrowed at a given time. For the year ended October 31, 2024, the Fund had average daily borrowings of $125,000,000 with a weighted average daily interest rate of 6.11%. For the same period, no commitment fees were incurred.
At&nbsp;October 31, 2024, the Fund had outstanding borrowings of $125,000,000 at a rate of 5.68%.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;10.&nbsp;Share Repurchase Program</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">At its regular June 2024 meeting, the Board
adopted a share repurchase program that seeks to enhance shareholder value by purchasing shares of the Fund in the open market at a discount to net asset value (&#8220;NAV&#8221;). Pursuant to the program, the Fund is authorized to purchase, on a
discretionary basis, up to 5% of the Fund&#8217;s outstanding shares through June 30, 2025. The Fund began buying shares pursuant to the program on June 24, 2024. From the period of June 24, 2024 through October 31, 2024, the Fund repurchased
865,155 shares at an average price per share (including commissions) of $10.8013. The average discount during the period was 10.75%. As of October 31, 2024, there are 1,043,932 remaining shares that are authorized to be purchased under the
repurchase program.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;11.&nbsp;Indemnifications</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Under the Fund&#8217;s organizational documents,
its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to
other parties. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not occurred. However, the Fund has not had prior claims or losses pursuant to these
arrangements and expects the risk of loss to be remote.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;12.&nbsp;Subsequent Events</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Management has evaluated the impact of all
subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.</DIV> </DIV>
<DIV style="margin-top:157pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:175pt;text-align:center;text-decoration:none;text-transform:none;">22</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">To the Shareholders and the Board of Directors
of&#160;Du&#64256; &amp; Phelps Utility and Infrastructure Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Opinion on the Financial Statements</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">We have audited the accompanying statement of
assets and liabilities of Duff &amp; Phelps Utility and Infrastructure Fund Inc. (the &#8220;Fund&#8221;), including the schedule of investments, as of October 31, 2024, and the related statements of operations and cash flows for the year then
ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the &#8220;financial
statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2024, the results of its operations and its cash flows for the year then ended, the changes in
its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Basis for Opinion</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">These financial statements are the responsibility
of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.&#160;</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to
have, nor were we engaged to perform, an audit of the Fund&#8217;s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of
expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.&#160;</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Our audits included performing procedures to
assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.&#160;</DIV> <DIV style="margin-top:5pt;text-align:Right;width:100%;">
<IMG src="g885046img679d8c286.jpg" alt=" "> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">We have
served as the auditor of one or more Duff &amp; Phelps Investment Management Co. investment companies since 1991.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Chicago, Illinois<BR> December 13, 2024</DIV> </DIV>
<DIV style="margin-top:32pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">23</DIV>
</DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">TAX INFORMATION (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The following information is being provided in
order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2025, the Fund will make available the tax status of all distributions paid for the calendar year 2024. Shareholders should consult their
tax advisors. With respect to distributions paid during the fiscal year ended October 31, 2024, the Fund designates the following amounts (or, if subsequently determined to be different, the maximum amount allowable):</DIV>
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:93.11%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:10pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:left;vertical-align:bottom;white-space:nowrap;width:4.30%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:30.86%;">Qualified
 Dividend Income %<BR> (for non-corporate shareholders) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:30.52%;">Dividend
 Received Deduction %<BR> (for corporate shareholders) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:30.32%;">Long-Term
<BR> Capital Gain Distributions ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:4.30%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:30.86%;">100%
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:30.52%;">100.00%
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:30.32%;">$0
 </TD></TR></TABLE> </DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">INFORMATION ABOUT PROXY VOTING BY THE FUND
(Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;s Board of Directors has adopted
proxy voting policies and procedures. These proxy voting policies and procedures may be changed at any time by the Fund&#8217;s Board of Directors. A description of the policies and procedures that the Fund uses to determine how to vote proxies
relating to portfolio securities is available without charge, upon request, by calling Fund Services toll-free at (866) 270-7598 or is available on the Fund&#8217;s website at www.dpimc.com/dpg or on the SEC&#8217;s website at <FONT
 style="color:#0000FF;text-decoration:underline;">www.sec.gov.</FONT>&#160;</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Information regarding how the Fund voted proxies
relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge, upon request, by calling Fund Services toll-free at (866) 270-7598 or is available on the Fund&#8217;s website at www.dpimc.com/dpg or
on the SEC&#8217;s website at www.sec.gov.</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">INFORMATION ABOUT THE FUND&#8217;S PORTFOLIO
HOLDINGS (Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund files its complete schedule of portfolio
holdings with the SEC for its first and third fiscal quarters (January 31 and July 31) as an exhibit to Form NPORT-P. The Fund&#8217;s Form NPORT-P is available on the SEC&#8217;s website at www.sec.gov. In addition, the Fund&#8217;s schedule of
portfolio holdings is available without charge, upon request, by calling the Administrator toll-free at (866) 270-7598 or is available on the Fund&#8217;s website at www.dpimc.com/dpg.</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">ADDITIONAL INFORMATION (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Since October 31, 2023: (i) there have been no
material changes in the Fund&#8217;s investment objectives or policies that have not been approved by the shareholders; (ii) there have been no changes in the Fund&#8217;s charter or by-laws that would delay or prevent a change in control of the
Fund which have not been approved by the shareholders; (iii) there have been no material changes in the principal risk factors associated with an investment in the fund; and (iv) there have been no changes in the persons who are primarily
responsible for the day-to-day management of the Fund&#8217;s portfolio.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Additional information relating to the
Fund&#8217;s directors and officers, and any other information found elsewhere in this Annual Report, may be requested by contacting the Fund at the address provided on the back cover of this report.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Notice is hereby given in accordance with Section
23(c) of the 1940 Act that the Fund may from time to time purchase its shares of common stock in the open market.</DIV> </DIV> <DIV style="margin-top:40pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">24</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">INVESTMENT OBJECTIVES, PRINCIPAL STRATEGIES AND
PRINCIPAL RISKS (Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Investment Objective<FONT
 style="font-weight:Normal;">:&#160; The Fund&#8217;s investment objective is to seek total return, resulting primarily from (i) a high level of current income, with an emphasis on providing tax-advantaged dividend income and (ii) growth in current
income, and secondarily from capital appreciation.&#160;&#160;</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Principal Strategies:<FONT
 style="font-weight:Normal;"> The Fund seeks to achieve its investment objective by investing primarily in equities of domestic and foreign utilities and infrastructure providers. The Fund&#8217;s investment strategies endeavor to take advantage of
the income and growth characteristics of equities in these industries.&#160; DPG has an outstanding bank loan to leverage the common stockholders&#8217; investment.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Under normal market conditions, the Fund will
invest at least 80% of its total assets in dividend-paying equity securities of companies in the utility industry and the infrastructure industry.&#160; The utility industry is defined to include the following sectors: electric, gas, water,
telecommunications, and midstream energy.&#160; The infrastructure industry is defined as companies owning or operating essential transportation assets, such as toll roads, bridges, tunnels, airports, seaports, and railroads.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Under normal market conditions, the Fund will
invest no more than 60% of its total assets in any one of the five utility sectors. No more than 20% of the Fund&#8217;s total assets will be invested in securities of midstream energy companies that are not regulated by a governmental agency. In
addition, under normal circumstances, the fund will invest no more than 10% of its total assets in securities of any single issuer. No more than 15% of the Fund&#8217;s total assets will be invested in issuers located in &#8220;emerging
market&#8221; countries.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Principal Risks:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Equity Securities Risk:<FONT
 style="font-weight:Normal;"> Generally, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities will rise and fall in response to a number of different factors. In particular, equity
securities will respond to events that affect entire financial markets or industries (such as changes in inflation or consumer demand) and to events that affect particular issuers (such as news about the success or failure of a new product). Equity
securities also are subject to &#8220;stock market risk,&#8221; meaning that stock prices in general may decline over short or extended periods of time. When the value of the stocks held by a fund goes down, the value of the Fund&#8217;s shares will
be affected.</FONT></DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Industry/Sector
Concentration and Non-Diversification Risk<FONT style="font-weight:Normal;">: The Fund invests a significant portion of its total assets in securities in utility and infrastructure companies, and it is not limited in the proportion of assets that it
may invest in the securities of any one issuer. The value of the investments of a fund that focuses its investments in a particular industry or market sector will be highly sensitive to financial, economic, political and other developments affecting
that industry or market sector, and conditions that negatively impact that industry or market sector will have a greater impact on the fund as compared with a fund that does not have its holdings concentrated in a particular industry or market
sector.&#160; Events negatively affecting the industries or market sectors in which the fund has invested are therefore likely to cause the value of the fund&#8217;s shares to decrease, perhaps significantly. Similarly, if the Fund takes
concentrated positions in a small number of issuers, the Fund may be more susceptible to the risks associated with those issuers, or to a single economic, political, regulatory or other event affecting those issuers.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Utilities Industry Risk: <FONT
 style="font-weight:Normal;">Risks that are intrinsic to public utility companies include difficulty in obtaining an adequate return on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions
on operations and increased costs and delays attributable to environmental considerations and regulation, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, technological
innovations that may render existing plants, equipment or products obsolete, the potential impact of natural or man-made disasters, increased costs and reduced availability of certain</FONT></DIV> </DIV>
<DIV style="margin-top:31pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">25</DIV>
</DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:justify;text-decoration:none;text-transform:none;">types of fuel, occasional reduced availability and high costs of
natural gas and other fuels, the effects of energy conservation, the effects of a national energy policy and lengthy delays and greatly increased costs and other problems associated with the design, construction, licensing, regulation and operation
of nuclear facilities for electric generation, including, among other considerations, the problems associated with the use of radioactive materials, the disposal of radioactive wastes, shutdown of facilities or release of radiation resulting from
catastrophic events, disallowance of costs by regulators which may reduce profitability, and changes in market structure that increase competition. There are substantial differences among the regulatory practices and policies of various
jurisdictions, and any given regulatory agency may make major shifts in policy from time to time.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Infrastructure-Related Risk<FONT
 style="font-weight:Normal;">:&#160; Infrastructure-related entities are subject to a variety of factors that may adversely affect their business or operations including high interest costs in connection with capital construction programs, costs
associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects
of energy conservation policies and other factors.&#160; Additionally, infrastructure-related entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to
customers, service interruption due to environmental, operational, or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Foreign Investing Risk: <FONT
 style="font-weight:Normal;">Investing in securities of non-U.S. companies involves special risks and considerations not typically associated with investing in U.S. companies, and the values of non-U.S. securities may be more volatile than those of
U.S. securities.&#160; The values of non-U.S. securities are subject to economic and political developments in countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or
monetary policies, and to changes in currency exchange rates.&#160; Values may also be affected by restrictions on receiving the investment proceeds from a non-U.S. country.&#160;</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In general, less information is publicly
available about non-U.S. companies than about U.S. companies.&#160; Non-U.S. companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies.&#160; Certain foreign issuers classified as
passive foreign investment companies may be subject to additional taxation risk.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">MLP Risk:<FONT style="font-weight:Normal;"> An
investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. MLPs holding credit-related investments are subject to
interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The fees that MLPs
charge for transportation of oil and gas products through their pipelines are subject to government regulation, which could negatively impact the revenue stream. Investing in MLPs also involves certain risks related to investing in the underlying
assets of the MLPs and risks associated with pooled investment vehicles. These include the risk of environmental incidents, terrorist attacks, demand destruction from high commodity prices, proliferation of alternative energy sources, inadequate
supply of external capital, and conflicts of interest with the general partner.&#160; The benefit derived from the fund&#8217;s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes, so any
change to this status would adversely affect the price of the MLP units.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Certain MLPs in which the fund may invest depend
upon their parent or sponsor entities for the majority of their revenues. If their parent or sponsor entities fail to make such payments or satisfy their obligations, the revenues and cash flows of such MLPs and ability of such MLPs to make
distributions to unit holders, such as the fund, would be adversely affected.&#160;&#160;</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Interest Rate Risk:<FONT
 style="font-weight:Normal;"> Changes in interest rates can impact the valuation of individual equity securities, as well as the valuation and perceived risks of the broader equity markets.&#160; Rising interest rates generally have a negative
impact on income-oriented investments.&#160; Changes in interest rates have historically impacted the value of securities issued</FONT></DIV> </DIV> <DIV style="margin-top:27pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">26</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:justify;text-decoration:none;text-transform:none;">by utility and infrastructure companies.&#160; In addition,
rising interest rates raise the cost of leverage for companies, negatively impacting their margins and growth. The negative impact of rising interest rates can potentially be mitigated by an improved outlook for long-term inflation, by improved
economic conditions, or by relative sector performance.&#160; Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer term maturities.&#160;</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Covered Call Options Risk:<FONT
 style="font-weight:Normal;"> There are several risks associated with transaction in options on securities.&#160; For example, there are significant differences between the securities and options markets that could result in an imperfect correlation
between these markets, causing a given transaction not to achieve its objective.&#160; The Fund&#8217;s ability to use options successfully will depend on the Adviser&#8217;s ability to predict pertinent market movements, which cannot be
assured.&#160; As the writer of a covered call option, the Fund forgoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the
strike price of the call but has retained the risk of loss should the price of the underlying security decline.&#160;</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Leverage Risk:<FONT style="font-weight:Normal;">
The Fund employs leverage through preferred stock and a line of credit.&#160; While this leverage often serves to increase yield, it also subjects the Fund to increased risks.&#160; These risks may include the likelihood of increased price and NAV
volatility and the possibility that the Fund&#8217;s common stock income will fall if the dividend rate on the preferred shares or the interest rate on any borrowings rises.&#160; The use of leverage is premised upon the expectation that the cost of
leverage will be lower than the return on the investments made with the proceeds.&#160; However, if the income or capital appreciation from the securities purchased with such proceeds is not sufficient to cover the cost of leverage or if the Fund
incurs capital losses, the return to common stockholders will be less than if the leverage had not been used.&#160; There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Market Volatility Risk:<FONT
 style="font-weight:Normal;"> The value of the securities in which the Fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions.&#160; Such price changes may be temporary or may last for
extended periods.</FONT></DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Instability in the
financial markets may expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments that it holds.&#160; In response to financial markets that experienced extreme volatility, and in some cases a lack
of liquidity, the U.S. Government and other governments have taken a number of unprecedented actions, including acquiring distressed assets from financial institutions and acquiring ownership interests in those institutions.&#160; The implications
of government ownership and disposition of these assets are unclear.&#160; Additional legislation or government regulation may also change the way in which funds themselves are regulated, which could limit or preclude the Fund&#8217;s ability to
achieve its investment objective.&#160; Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its
investments, hampering the ability of the Fund&#8217;s portfolio managers to invest the Fund&#8217;s assets as intended.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Management Risk:<FONT style="font-weight:Normal;">
The Fund is subject to management risk because it is an actively managed investment portfolio with broad investment mandates.&#160; The Adviser will apply investment techniques and risk analysis in making investment decisions for the Fund, but there
can be no guarantee that these will produce the desired results.&#160;</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Closed-End Funds Risk:<FONT
 style="font-weight:Normal;"> Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses.&#160; They may also employ leverage, which may increase
volatility.</FONT></DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Distribution Risk:<FONT
 style="font-weight:Normal;"> In June 2015, the Board adopted a Managed Distribution Plan (the &#8220;Plan&#8221;) for the Fund. From November 2023 through June 2024, the Plan provided for the Fund to make a quarterly distribution on its common
stock of 21.0 cents per share.&#160; Effective July 2024, the quarterly distribution rate was changed to a monthly rate at</FONT></DIV> </DIV> <DIV style="margin-top:32pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">27</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:justify;text-decoration:none;text-transform:none;">an equivalent 7.0 cents per share. While the adoption of the
Plan does not in any way constitute a guarantee that the Fund will maintain at least a 7.0 cent per share monthly distribution, it does indicate that the Fund currently intends to use long-term capital gains and/or return of capital, if necessary,
to maintain that distribution rate. The Board may amend, suspend or terminate the Plan without prior notice to shareholders if it deems such action to be in the best interests of the Fund and its shareholders, in which case the 7.0 cents per share
monthly distribution might not be maintained.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">No
Guarantee:<FONT style="font-weight:Normal;"> There is no guarantee that the portfolio will meet its objective.</FONT></DIV> </DIV> <DIV style="margin-top:475pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">28</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">INFORMATION ABOUT DIRECTORS AND OFFICERS OF THE FUND
(Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Set forth below are the names and certain
biographical information about the directors and officers of the Fund as of the date of issuance of this report.</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">Directors of the Fund (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Directors are divided into three classes and are
elected to serve staggered three-year terms. All of the directors are elected by the holders of the Fund&#8217;s common stock, except for Mr. Burke and Ms. McNamara, who are elected by the holders of the Fund&#8217;s preferred stock. All of the
directors of the Fund, with the exception of Mr. Aylward, are classified as independent directors because none of them are &#8220;interested persons&#8221; of the Fund, as defined in the 1940 Act.&#160;Mr. Aylward is an &#8220;interested
person&#8221; of the Fund by reason of his position as President and Chief Executive Officer of Virtus Investment Partners, Inc., the ultimate parent company of the Adviser and various positions with its affiliates.&#160;All of the Fund&#8217;s
directors currently serve on the board of directors of two other registered closed-end investment companies that are advised by Duff &amp; Phelps Investment Management Co.: DNP Select Income Fund Inc. (&#8220;DNP&#8221;) and DTF Tax-Free Income 2028
Term Fund Inc. (&#8220;DTF&#8221;). The term &#8220;Fund Complex&#8221; refers to the Fund and all the other investment companies advised by affiliates of Virtus.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The address for all directors is c/o Duff &amp;
Phelps Investment Management Co., 10 South Wacker Drive, Suite 1900, Chicago, IL 60606.</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.44%;">Name
<BR> and Age </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.33%;">Postion(s)
<BR> Held with Fund </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.11%;">Term
 of Office<BR> and Length of<BR> Time Served </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:27.11%;">Pricipal
 Occupation(s)<BR> During Past 5 Years </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.89%;">Number
 of<BR> Portfolios in<BR> Fund<BR> Complex<BR> Overseen by<BR> Director </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.78%;">Other
 Directorships<BR> Held by the Director<BR> During Past 5 Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.44%;">Independent&#160;Directors
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:9pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:7.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:11.11%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:27.11%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:center;vertical-align:top;width:8.89%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:19.78%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:16.44%;">Donald
 C. Burke<BR> Age: 64 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:7.33%;">Director
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2027;&#160;Director since 2014 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:27.11%;">Private
 investor since 2009; President and Chief Executive Officer, BlackRock U.S. Funds 2007-2009; Managing Director, BlackRock, Inc. 2006-2009; Managing Director, Merrill Lynch Investment Managers 1990-2006 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">93
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:19.78%;">Director,
 Avista Corp. (energy company); Director, Duff &amp; Phelps Utility and Corporate Bond Trust Inc. (&#8220;DUC&#8221;) 2014-2021; Trustee, Goldman Sachs Fund Complex 2010-2014; Director, BlackRock Luxembourg and Cayman Funds 2006-2010
</TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:118pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">29</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.44%;">Name
<BR> and Age </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.33%;">Postion(s)
<BR> Held with Fund </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.11%;">Term
 of Office<BR> and Length of<BR> Time Served </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:27.11%;">Pricipal
 Occupation(s)<BR> During Past 5 Years </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.89%;">Number
 of<BR> Portfolios in<BR> Fund<BR> Complex<BR> Overseen by<BR> Director </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.78%;">Other
 Directorships<BR> Held by the Director<BR> During Past 5 Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.44%;">Mareil&#233;
 B. Cusack<BR> Age: 66 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:7.33%;">Director
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2026;&#160;Director since 2023 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:27.11%;">General
 Counsel, Ariel Investments, LLC (registered investment adviser) 2008-2023 (Chief Privacy Officer 2019-2023, Senior Vice President 2012-2023, Anti-Money Laundering Officer 2010-2023 and Vice President 2007-2012); Vice President, Ariel Investment
Trust (mutual fund complex) 2008-2023 (Anti-Money Laundering Officer 2010-2023, Secretary 2014-2023 and Assistant Secretary 2008-2014); Vice President, General Counsel, Secretary and Anti-Money Laundering Officer, Ariel Distributors, LLC (registered
broker-dealer) 2008-2023; Vice President and General Counsel, Ariel Alternatives, LLC (registered investment adviser), Project Black Management Co. (relying adviser) and Ariel GP Holdco, management member to Project Black, LP (private fund)
2021-2023; Vice President and Associate General Counsel, Chicago Stock Exchange March-October 2007 (Chief Enforcement Counsel 2004-2007); Chief Legal Officer, Illinois Gaming Board 1995-2001; Branch Chief, Branch of Interpretations and Small
Offering Issuers, Chicago Regional Office, U.S. Securities and Exchange Commission 1991-1995 (Staff Attorney, Enforcement Division 1988-1991) </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">3
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:9pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:19.78%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.44%;">Philip
 R. McLoughlin<BR> Age: 78 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:7.33%;">Director
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2025;&#160;Director since 2011 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:27.11%;">Private
 investor since 2010 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">93
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:19.78%;">Director,
 DUC 1996-2021; Chairman of the Board, Lazard World Trust Fund 2010-2019 (Director 1991-2019) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:16.44%;">Geraldine
 M. McNamara<BR> Age: 73 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:7.33%;">Director
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2026;&#160;Director since 2011 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:27.11%;">Private
 investor since 2006; Managing Director, U.S. Trust Company of New York 1982&#8211;2006 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">93
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:19.78%;">Director,
 DUC 2003-2021 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:34pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">30</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.44%;">Name
<BR> and Age </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.33%;">Postion(s)
<BR> Held with Fund </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.11%;">Term
 of Office<BR> and Length of<BR> Time Served </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:27.11%;">Pricipal
 Occupation(s)<BR> During Past 5 Years </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.89%;">Number
 of<BR> Portfolios in<BR> Fund<BR> Complex<BR> Overseen by<BR> Director </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.78%;">Other
 Directorships<BR> Held by the Director<BR> During Past 5 Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.44%;">Eileen
 A. Moran&#160;<BR> Age: 70 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:7.33%;">Director
 and Vice Chair of the Board </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2027;&#160;Director since 2011 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:27.11%;">Private
 investor since 2011; President and Chief Executive Officer, PSEG Resources L.L.C. (investment company) 1990&#8211;2011 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">3
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:3.12pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:19.78%;">Director,
 DUC 1996-2021 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.44%;">David
 J. Vitale<BR> Age: 78 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:7.33%;">Director
 and Chair of the Board </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2025;&#160;Director since 2011 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:27.11%;">Chair
 of the Board of DNP and DTF since 2009 and DPG since 2011; Advisor, Ariel Investments, LLC 2019-2021; President, Chicago Board of Education 2011-2015; Senior Advisor to the CEO, Chicago Public Schools 2007&#8211; 2008 (Chief Administrative Officer
2003&#8211; 2007); President and Chief Executive Officer, Board of Trade of the City of Chicago, Inc. 2001&#8211; 2002; Vice Chairman and Director, Bank One Corporation 1998&#8211;1999; Vice Chairman and Director, First Chicago NBD Corporation, and
President, The First National Bank of Chicago 1995&#8211;1998; Vice Chairman, First Chicago Corporation and The First National Bank of Chicago 1993&#8211;1998 (Director 1992&#8211;1998; Executive Vice President 1986&#8211;1993) </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">3
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:19.78%;">Director,
 Ariel Alternatives, LLC; Director, United Airlines Holdings, Inc. (airline holding company) 2006-2022; Director, Ariel Investments, LLC 2001-2021; Director, Wheels, Inc. (automobile fleet management) 2001-2021; Director, DUC 2005-2021; Chairman,
Urban Partnership Bank 2010-2019 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.44%;">Interested&#160;Director
 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:9pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:7.33%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:11.11%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:27.11%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:8.89%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:19.78%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:16.44%;">George
 R. Aylward<BR> Age: 60 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:7.33%;">Director
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:11.11%;">Term
 expires 2025; Director since<BR> September<BR> 2024 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:27.11%;">Director.
 President and Chief Executive Officer of Virtus Investment Partners. Inc. and/or certain of its subsidiaries; and various senior officer positions with Virtus affiliates since 2005 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.89%;">103
 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:19.78%;">&#160; </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:136pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:153pt;text-align:center;text-decoration:none;text-transform:none;">31</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">Officers of the Fund (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The officers of the Fund are elected annually by
the&#160;board of directors of the Fund and serve until their respective successors are chosen and qualified. The Fund&#8217;s officers receive no compensation from the Fund, but are also officers of the Adviser or Virtus affiliates and receive
compensation in such capacities.</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:35.33%;">Name,
<BR> Address<BR> and Age </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.0%;">Postion(s)
<BR> Held with Fund<BR> and Length of<BR> Time Served </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:41.33%;">Pricipal&#160;Occupation(s)
<BR> During&#160;Past&#160;5&#160;Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:35.33%;">David
 D. Grumhaus, Jr.<BR> Duff &amp; Phelps Investment&#160;Management Co.<BR> 10 South Wacker Drive, Suite 1900<BR> Chicago, IL 60606<BR> Age: 58 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:20.0%;">President
 and Chief Executive Officer of DPG since 2021 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:3.12pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:41.33%;">President
 and Chief Investment Officer of the Adviser since 2021 (Co-Chief Investment Officer 2020; Senior Portfolio Management 2014-2020) </TD></TR>
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<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:35.33%;">W.
 Patrick Bradley, CPA<BR> Virtus Investment Partners, Inc.<BR> One Financial Plaza<BR> Hartford, CT 06103<BR> Age: 52 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:20.0%;">Vice
 President and Assistant Treasurer since 2011 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:41.33%;">Executive
 Vice President, Fund Services since 2016 (Senior Vice President, Fund Services 2010-2016) and various officer positions since 2004, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Director since 2023, Stone Harbor Investment
Funds plc and Stone Harbor Global Funds plc; Director since 2019, Virtus Global Funds ICAV; Director since 2013, Virtus Global Funds, plc; various officer positions since 2006 of various registered funds advised by subsidiaries of Virtus Investment
Partners, Inc.; Member since 2022, BNY Mellon Asset Servicing Client Advisory Board </TD></TR>
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<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:35.33%;">Eric
 J. Elvekrog, CFA, CPA<BR> Duff &amp; Phelps Investment Management Co.<BR> 10 South Wacker Dr. Suite 1900<BR> Chicago, IL 60606<BR> Age: 59 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:20.0%;">Vice
 President and Chief Investment Officer since 2016 (Portfolio&#160;Manager 2011-2016) </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:41.33%;">Senior
 Managing Director of the Adviser since 2015 (Vice President 2001-2014; Assistant Vice President 1996-2001; Analyst 1993-1996) </TD></TR>
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<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:35.33%;">Kathleen
 L. Hegyi<BR> Duff &amp; Phelps Investment Management Co.<BR> 10 South Wacker Drive, Suite 1900<BR> Chicago, IL 60606<BR> Age: 57 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:20.0%;">Chief
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<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:41.33%;">Managing
 Director and Chief Compliance Officer of the Adviser since 2022; Senior Compliance Officer, William Blair &amp; Company, L.L.C. 2010 - 2022 </TD></TR>
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<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:35.33%;">Alan
 M. Meder, CFA, CPA<BR> Duff &amp; Phelps Investment Management Co.<BR> 10 South Wacker Drive, Suite 1900<BR> Chicago, IL 60606<BR> Age: 65 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:20.0%;">Treasurer,
 Principal Financial and Accounting Officer and Assistant Secretary since 2011 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:41.33%;">Chief
 Risk Officer of the Adviser since 2001 and Senior Managing Director since 2014 (Senior Vice President 1994-2014); Treasurer, DUC 2000-2021 and Principal Financial and Accounting Officer and Assistant Secretary 2002-2021 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:35.33%;">Daniel
 J. Petrisko, CFA<BR> Duff &amp; Phelps Investment Management Co.<BR> 10 South Wacker Drive, Suite 1900<BR> Chicago, IL 60606<BR> Age: 64 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:20.0%;">Executive
 Vice President since 2021 and Assistant Secretary since 2015 (Senior Vice President 2017-2021) </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:41.33%;">Executive
 Managing Director of the Adviser since 2017 (Senior Managing Director 2014-2017; Senior Vice President 1997-2014; Vice President 1995-1997); Chief Investment Officer of DUC 2004-2021, Senior Vice President 2017-2021 and Assistant Secretary
2015-2021 (Vice President 2000-2016; Portfolio Manager 2002&#8211;2004) </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:32pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">32</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:35.33%;">Name,
<BR> Address<BR> and Age </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.0%;">Postion(s)
<BR> Held with Fund<BR> and Length of<BR> Time Served </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:41.33%;">Pricipal&#160;Occupation(s)
<BR> During&#160;Past&#160;5&#160;Years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:35.33%;">Kathryn
 L. Santoro<BR> Virtus Investment Partners, Inc.<BR> One Financial Plaza<BR> Hartford, CT 06103<BR> Age: 50 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:20.0%;">Secretary&#160;since
 June 2024 </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:3.12pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:41.33%;">Vice
 President and Senior Attorney, Virtus Investment Partners, Inc. since 2024; various officer positions of registered funds advised by subsidiaries of Virtus Investment Partners, Inc. since 2024; Vice President, General Counsel, and Secretary, Anuvu
Corp. 2021 &#8211; 2023; Managing Counsel, Janus Henderson Investors and various officer positions of registered funds advised by Janus Henderson Investors 2016 &#8211; 2020 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:35.33%;">Nikita
 K. Thaker, CPA<BR> Virtus Investment Partners, Inc.<BR> One Financial Plaza<BR> Hartford, CT 06103<BR> Age: 46 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:20.0%;">Vice
 President and Assistant Treasurer since 2018 </TD>
<TD style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:41.33%;">Vice
 President and Closed-End Fund Controller, Virtus Investment Partners, Inc. since 2021 (Assistant Vice President&#8212;Mutual Fund Accounting &amp; Reporting, 2015 to 2021; Director 2011-2015); various officer positions, Virtus Investment Partners,
Inc. and/or certain of its subsidiaries since 2015; Vice President, Controller and Assistant Treasurer, Virtus Closed-End Funds and Virtus Closed-End Funds II since 2021 (Assistant Treasurer 2017-2021) </TD></TR></TABLE> </DIV> </DIV>
<DIV style="margin-top:312pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:329pt;text-align:center;text-decoration:none;text-transform:none;">33</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">AUTOMATIC REINVESTMENT AND CASH PURCHASE PLAN
(Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">All shareholders whose shares are registered in
their own name with the Fund&#8217;s transfer agent are automatically participants in the Fund&#8217;s Automatic Reinvestment and Cash Purchase Plan. Shareholders may opt out of the plan and elect to receive all distributions in cash by contacting
the plan administrator, Computershare Trust Company, N.A. (&#8220;Computershare&#8221;) at the address set forth below.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The plan also permits a nominee, other than a
depository, to participate on behalf of those beneficial owners for whom it is holding shares and who elect to participate. However, some nominees may not permit a beneficial owner to participate without having the shares re-registered in the
owner&#8217;s name.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Shareholders who
participate in the plan will have all distributions on their common stock automatically reinvested by Computershare, as agent for the participants, in additional shares of common stock of the Fund. When a distribution is reinvested under the plan,
the number of shares of common stock equivalent to the cash distribution is determined as follows:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:3.33%;text-align:justify;text-decoration:none;text-transform:none;">&nbsp;&nbsp;1.&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;If shares of the Fund&#8217;s common stock are trading at net asset value or at a premium above net asset value at the valuation date, the Fund issues new shares of common stock at the greater of net asset value or 95% of the
then current market price.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:3.33%;text-align:justify;text-decoration:none;text-transform:none;">&nbsp;&nbsp;2.&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;If shares of the Fund&#8217;s common stock are trading at a discount from net asset value at the valuation date, Computershare receives the distribution in cash and uses it to purchase shares of common stock in the open
market, on the New York Stock Exchange or elsewhere, for the participants&#8217; accounts. Shares are allocated to participants&#8217; accounts at the average price per share, plus commissions, paid by Computershare for all shares purchased by it.
If, before Computershare has completed its purchases, the market price equals or exceeds the most recent net asset value of the shares, Computershare may cease purchasing shares on the open market and the Fund may issue the remaining shares at a
price equal to the greater of (a) the net asset value on the last day on which Computershare purchased shares or (b) 95% of the market price on such day. In such a case, the number of shares received by the participant in respect of the distribution
will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the Fund issued the remaining shares.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The valuation date is the payable date of the
distribution. On that date, Computershare compares that day&#8217;s net asset value per share and the closing price per share on the New York Stock Exchange and determines which of the two alternative procedures described above will be
followed.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The reinvestment shares are
credited to the participant&#8217;s plan account in the Fund&#8217;s stock records maintained by Computershare, including a fractional share to six decimal places. Computershare will send participants written confirmation of all transactions in the
participant&#8217;s plan account, including information participants will need for tax records. Shares held in the participant&#8217;s plan account have full dividend and voting rights. Distributions paid on shares held in the participant&#8217;s
plan account will also be reinvested.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The
cost of administering the plan is borne by the Fund. There is no brokerage commission on shares issued directly by the Fund. However, participants do pay a pro rata share of brokerage commissions incurred (currently $0.02 per share but may vary and
is subject to change) on any open market purchases of shares by Computershare.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The automatic reinvestment of distributions does
not relieve participants of any income tax that may be payable on such distributions. A plan participant will be treated for federal income tax purposes as having received, on the</DIV> </DIV> <DIV style="margin-top:29pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">34</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:justify;text-decoration:none;text-transform:none;">payable date, a distribution in an amount equal to the cash the
participant would have received instead of shares. If you participate in the plan, you will receive a Form 1099-DIV concerning the federal tax status of distributions paid during the year.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Plan participants may make additional voluntary
cash payments of at least $100 per payment but not more than $3,000 per month (by check or automatic deduction from his or her U.S. bank account) for investment in the Fund by contacting Computershare. Computershare will use such cash payments to
purchase shares of the Fund in the open market or in private transactions.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">A shareholder may leave the plan at any time by
written notice to Computershare. To be effective for any given distribution, notice must be received by Computershare at least seven business days before the record date for that distribution. When a shareholder leaves the plan:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:3.33%;text-align:justify;text-decoration:none;text-transform:none;">&nbsp;&nbsp;1.&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;such shareholder may request that Computershare sell such shareholder&#8217;s shares held in such shareholder&#8217;s plan account and send such shareholder a check for the net proceeds (including payment of the value of a
fractional share) after deducting the brokerage commission, or</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:3.33%;text-align:justify;text-decoration:none;text-transform:none;">&nbsp;&nbsp;2.&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;if no request is made, such shareholder will receive a statement for the number of full shares held in such shareholder&#8217;s plan account, along with a check for any fractional share interest. The fractional share interest
will be sold on the open market.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The plan may
be terminated by the Fund or Computershare with the Fund&#8217;s prior consent, upon notice in writing mailed to each participant.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">These terms and conditions may be amended or
supplemented by the Fund or Computershare with the Fund&#8217;s prior consent, at any time or times, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other
regulatory authority, only by mailing appropriate written notice to each participant.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">All correspondence concerning the plan should be
directed to the plan administrator, Computershare, P.O. Box 43078, Providence, RI 09240-3078, or contact Fund Services at (866) 270-7598. For more information regarding the plan, please visit the Fund&#8217;s website at www.dpimc.com/dpg to view a
copy of the plan in its entirety or contact us at (866) 270-7598.</DIV> </DIV> <DIV style="margin-top:205pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">35</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="float:right;margin-right:0%;overflow:hidden;position:relative;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">THIS PAGE INTENTIONALLY LEFT BLANK.</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="float:right;margin-right:0%;overflow:hidden;position:relative;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">THIS PAGE INTENTIONALLY LEFT BLANK.</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV style="width:100%;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Board of Directors</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DAVID J. VITALE<BR> Chair</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">EILEEN A. MORAN<BR> Vice Chair</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">GEORGE R. AYLWARD</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DONALD C. BURKE</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">MAREIL&#201; B. CUSACK</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">PHILIP R. MCLOUGHLIN</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">GERALDINE M. MCNAMARA</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Officers</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DAVID D. GRUMHAUS, JR.<BR> President and Chief Executive
Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DANIEL J. PETRISKO, CFA<BR> Executive Vice
President and Assistant Secretary</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">ERIC J. ELVEKROG, CFA,
CPA<BR> Vice President and Chief Investment Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">ALAN
M. MEDER, CFA, CPA<BR> Treasurer and Assistant Secretary</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">KATHLEEN L. HEGYI<BR> Chief Compliance Officer</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">KATHRYN L. SANTORO<BR> Vice President and Secretary</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">W. PATRICK BRADLEY, CPA<BR> Vice President and Assistant
Treasurer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">NIKITA K. THAKER, CPA<BR> Vice President and
Assistant Treasurer</DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Duff &amp; Phelps Utility<BR> and Infrastructure<FONT
 style="font-weight:Normal;">&nbsp;</FONT>Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Common stock listed on the New York<BR> Stock Exchange under
the symbol DPG</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Shareholder inquiries please contact:<BR>
Fund Services at (866) 270-7598 or<BR> Email at Duff@virtus.com</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Investment Adviser<BR> <FONT style="font-weight:Normal;">Duff
&amp; Phelps Investment Management Co.<BR> 10 South Wacker Drive, Suite 1900<BR> Chicago, IL 60606<BR> (312) 368-5510</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Administrator<BR> <FONT style="font-weight:Normal;">Virtus Fund
Services, LLC<BR> One Financial Plaza<BR> Hartford, CT 06103</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Transfer Agent and Dividend Disbursing Agent<BR> <FONT
 style="font-weight:Normal;">Computershare<BR> P.O. Box 43078<BR> Providence, RI 02940-3078</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Custodian<BR> <FONT style="font-weight:Normal;">The Bank of New
York Mellon</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Legal Counsel<BR> <FONT
 style="font-weight:Normal;">Mayer Brown LLP</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Independent Registered Public Accounting Firm<BR> <FONT
 style="font-weight:Normal;">Ernst &amp; Young LLP</FONT></DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Code of Ethics. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant&#146;s principal executive
officer and principal financial officer (the &#147;Code of Ethics&#148;). The registrant&#146;s principal financial officer also performs the functions of principal accounting officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The text of the registrant&#146;s Code of Ethics is posted on the registrant&#146;s web site at www.dpimc.com/dpg. In the event that the registrant makes any
amendment to or grants any waiver from the provisions of the Code of Ethics, the registrant intends to disclose such amendment or waiver on its web site within five business days. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Audit Committee Financial Expert. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant&#146;s board of directors has determined that three members of its audit committee: Donald C. Burke, Philip R. McLoughlin and David J. Vitale,
are audit committee financial experts and that each of them is &#147;independent&#148; for purposes of this Item. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Principal Accountant Fees and Services. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the aggregate audit and <FONT STYLE="white-space:nowrap">non-audit</FONT> fees billed to the registrant for each of the last two
fiscal years for professional services rendered by the registrant&#146;s principal accountant, Ernst&nbsp;&amp; Young LLP, an independent registered public accounting firm (the &#147;Independent Auditor&#148;). </P>
</DIV></Center>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal&nbsp;year</B><br><B>ended <BR>October&nbsp;31,<BR>2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal&nbsp;year</B><br><B>ended <BR>October&nbsp;31,<BR>2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a) Audit Fees (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b) Audit-Related Fees (2)(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c) Tax Fees (3)(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d) All Other Fees (4)(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aggregate <FONT STYLE="white-space:nowrap">Non-Audit</FONT> Fees (5)(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Audit Fees are fees billed for professional services rendered by the Independent Auditor for the audit of the
registrant&#146;s annual financial statements and for services that are normally provided by the Independent Auditor in connection with statutory and regulatory filings or engagements. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Audit-Related Fees are fees billed for assurance and related services by the Independent Auditor that are
reasonably related to the performance of the audit of the registrant&#146;s financial statements and are not reported under the caption &#147;Audit Fees.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tax Fees are fees billed for professional services rendered by the Independent Auditor for tax compliance, tax
advice and tax planning. In both periods shown in the table, such services consisted of review of the registrant&#146;s annual federal and excise tax returns and preparation and analysis of state income tax returns. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All Other Fees are fees billed for products and services provided by the Independent Auditor, other than the
services reported under the captions &#147;Audit Fees,&#148; &#147;Audit-Related Fees&#148; and &#147;Tax Fees.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Aggregate <FONT STYLE="white-space:nowrap">Non-Audit</FONT> Fees are
<FONT STYLE="white-space:nowrap">non-audit</FONT> fees billed by the Independent Auditor for services rendered to the registrant, the registrant&#146;s investment adviser (the &#147;Adviser&#148;) and any entity controlling, controlled by or under
common control with the Adviser that provides ongoing services to the registrant (collectively, the &#147;Covered Entities&#148;). During both periods shown in the table, no portion of such fees related to services rendered by the Independent
Auditor to the Adviser or any other Covered Entity. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No portion of these fees was approved by the Audit Committee after the beginning of the engagement pursuant to
the waiver of the <FONT STYLE="white-space:nowrap">pre-approval</FONT> requirement for certain <I>de minimis </I><FONT STYLE="white-space:nowrap">non-audit</FONT> services described in Section&nbsp;10A of the Securities Exchange Act of 1934 (the
&#147;Exchange Act&#148;) and applicable regulations. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)(1) Disclose the audit committee&#146;s
<FONT STYLE="white-space:nowrap">pre-approval</FONT> policies and procedures described in paragraph (c)(7) of Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit Committee of the Board of Directors of Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc. (the &#147;Fund&#148;) has adopted policies and
procedures for the <FONT STYLE="white-space:nowrap">pre-approval</FONT> of services provided by Ernst&nbsp;&amp; Young LLP (the &#147;Policy&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Policy, the Audit Committee identifies certain audit, audit-related, and tax services, which the Audit Committee may
<FONT STYLE="white-space:nowrap">pre-approve</FONT> on a general basis (<I>i.e.</I>, without <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
consideration) (&#147;general <FONT STYLE="white-space:nowrap">pre-approval&#148;).</FONT> Additionally, the Audit Committee may grant general <FONT STYLE="white-space:nowrap">pre-approval</FONT>
to certain <FONT STYLE="white-space:nowrap">non-audit</FONT> services identified in the Policy provided to the Fund or its affiliates that relate directly to the operations and financial reporting of the Fund, so long as the Audit Committee believes
such services are (a)&nbsp;consistent with the SEC&#146;s auditor independence rules, and (b)&nbsp;routine and recurring services that will not impair the independence of the independent auditors. In addition to the foregoing, the Audit Committee
must <FONT STYLE="white-space:nowrap">pre-approve,</FONT> on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis (&#147;specific <FONT STYLE="white-space:nowrap">pre-approval&#148;)</FONT> (1) annual
audit services engagement terms and fees, (2)&nbsp;any audit-related services not subject to general <FONT STYLE="white-space:nowrap">pre-approval</FONT> in the Policy, (3)&nbsp;tax services related to large and complex transactions, and
(4)&nbsp;any other <FONT STYLE="white-space:nowrap">non-audit</FONT> services not subject to general <FONT STYLE="white-space:nowrap">pre-approval</FONT> in the Policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit Committee has determined that the Chair of the Audit Committee may provide specific <FONT STYLE="white-space:nowrap">pre-approval</FONT> for such
services that meet the above requirements but are not included in the general <FONT STYLE="white-space:nowrap">pre-approval</FONT> in the event such approval is sought between regularly scheduled meetings. The Chair of the Audit Committee will
report each service <FONT STYLE="white-space:nowrap">pre-approved</FONT> by the Chair between meetings of the Audit Committee to the Audit Committee at the next regularly scheduled <FONT STYLE="white-space:nowrap">in-person</FONT> Audit Committee
meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Pre-approval</FONT> fee levels or budgeted amounts for all services to be provided by the independent auditor
will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific <FONT STYLE="white-space:nowrap">pre-approval</FONT> by the Audit Committee. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The percentage of hours expended on the principal accountant&#146;s engagement to audit the registrant&#146;s
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant&#146;s full-time, permanent employees was less than fifty percent. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s audit committee of the board of directors has considered whether the provision of <FONT
STYLE="white-space:nowrap">non-audit</FONT> services that were rendered to the registrant&#146;s investment adviser (not including any <FONT STYLE="white-space:nowrap">sub-adviser</FONT> whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not <FONT
STYLE="white-space:nowrap">pre-approved</FONT> pursuant to paragraph (c)(7)(ii) of Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> is compatible with maintaining the principal
accountant&#146;s independence. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Audit Committee of Listed Registrants. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant has a separately-designated standing audit committee established in accordance with Section&nbsp;3(a)(58)(A) of the Securities Exchange Act of
1934 (the &#147;Exchange Act&#148;). The members of the committee are Donald C. Burke, Mareile B. Cusack, Philip R. McLoughlin, Geraldine M. McNamara, Eileen A. Moran and David J. Vitale. </P>
</DIV></Center>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Investments. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this form. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Financial Highlights for <FONT STYLE="white-space:nowrap">Open-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Changes in and Disagreements with Accountants for <FONT STYLE="white-space:nowrap">Open-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Proxy Disclosures for <FONT STYLE="white-space:nowrap">Open-End</FONT> Management Investment Companies.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Remuneration Paid to Directors, Officers, and Others of <FONT STYLE="white-space:nowrap">Open-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Statement Regarding Basis for Approval of Investment Advisory Contract. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure of Proxy Voting Policies and Procedures for <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The registrant&#146;s board of directors has adopted the following proxy voting policies and
procedures. </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DNP SELECT INCOME FUND INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DUFF&nbsp;&amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DTF TAX-FREE INCOME 2028 TERM FUND INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROXY VOTING POLICIES AND PROCEDURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As Amended June&nbsp;9, 2022 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Definitions</I></B><B>. </B>As used in these Policies and Procedures, the following terms shall have the
meanings ascribed below: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Adviser&#148; refers to Duff&nbsp;&amp; Phelps Investment Management Co. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;corporate governance matters&#148; refers to changes involving the corporate ownership or structure of an
issuer whose voting securities are within a portfolio holding, including changes in the state of incorporation, changes in capital structure, including increases and decreases of capital and preferred stock issuance, mergers and other corporate
restructurings, and anti-takeover provisions such as staggered boards, poison pills, and supermajority voting provisions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Delegate&#148; refers to the Adviser, any proxy committee to which the Adviser delegates its
responsibilities hereunder and any qualified, independent organization engaged by the Adviser to vote proxies on behalf of the Fund. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;executive compensation matters&#148; refers to stock option plans and other executive compensation
issues, including votes on &#147;say on pay&#148; and &#147;golden parachutes.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Fund&#148; refers to DNP Select Income Fund Inc., Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund
Inc. or DTF <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc., as the case may be. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Investment Company Act&#148; refers to the Investment Company Act of 1940, as amended.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">G.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;portfolio holding&#148; refers to any company or entity whose voting securities are held within the
investment portfolio of the Fund as of the date a proxy is solicited. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">H.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Principal Underwriter&#148; refers to Wells Fargo Securities, LLC, solely with respect to DNP Select
Income Fund Inc. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;proxy contests&#148; refer to any meeting of shareholders of an issuer for which there are at least two
sets of proxy cards, one solicited by management and the others by a dissident or group of dissidents. </P></TD></TR></TABLE>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">J.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;social issues&#148; refers to social, political and environmental issues. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">K.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;takeover&#148; refers to &#147;hostile&#148; or &#147;friendly&#148; efforts to effect radical change in
the voting control of the board of directors of a company. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>Responsibilities of Delegates</I></B><B>. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the absence of a specific direction to the contrary from the Board of Directors of the Fund, the Adviser
will be responsible for voting proxies for all portfolio holdings in accordance with these Policies and Procedures, or for delegating such responsibility as described below. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Adviser has a Proxy Committee (&#147;Proxy Committee&#148;) that is responsible for establishing policies
and procedures designed to enable the Adviser to ethically and effectively discharge its fiduciary obligation to vote all applicable proxies on behalf of all clients. The Adviser also utilizes Institutional Shareholder Services (&#147;ISS&#148;), a
qualified, <FONT STYLE="white-space:nowrap">non-affiliated</FONT> independent third party, to serve as the Adviser&#146;s proxy voting agent in the provision of certain administrative, clerical, functional recordkeeping and support services related
to the Adviser&#146;s proxy voting processes and procedures. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In voting proxies on behalf of the Fund, each Delegate shall have a duty of care to safeguard the best
interests of the Fund and its shareholders and to act in accordance with these Policies and Procedures. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Delegate shall accept direction or inappropriate influence from any other client or third party, or from any
director, officer or employee of any affiliated company, and shall not cast any vote inconsistent with these Policies and Procedures without obtaining the prior approval of the Board of Directors of the Fund or its duly authorized representative.
</P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>III.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>General policy</I></B><B></B><I>.</I><B> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is the intention of the Fund to exercise voting stock ownership rights in portfolio holdings in a manner
that is reasonably anticipated to further the best economic interests of shareholders of the Fund. Accordingly, the Fund or its Delegate(s) shall endeavor to analyze and vote all proxies that are considered likely to have financial implications,
and, where appropriate, to participate in corporate governance, shareholder proposals, management communications and legal proceedings. The Fund and its Delegate(s) must also identify potential or actual conflicts of interests in voting proxies and
address any such conflict of interest in accordance with these Policies and Procedures. </P></TD></TR></TABLE>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Absent special factors, the policy of the Adviser is to exercise its proxy voting discretion in accordance with
ISS guidelines. However, all proposals are individually evaluated by the Proxy Committee, which may determine to vote contrary to an ISS recommendation when it believes that doing so is in the best interest of the Fund. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>IV.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>Special factors to be considered when voting</I></B><B>. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Delegate may abstain from voting when it concludes that the effect on shareholders&#146; economic interests
or the value of the portfolio holding is indeterminable or insignificant. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing <B>anti-takeover measures</B>, the Delegate shall vote on a case-by-case basis taking into
consideration such factors as overall long-term financial performance of the target company relative to its industry competition. Key measures which shall be considered include, without limitation, five-year annual compound growth rates for sales,
operating income, net income, and total shareholder returns (share price appreciation plus dividends). Other financial indicators that will be considered include margin analysis, cash flow, and debt levels. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing <B>proxy contests for control</B>, the Delegate shall vote on a case-by-case basis taking into
consideration such factors as long-term financial performance of the target company relative to its industry; management&#146;s track record; background of the proxy contest; the strategic plan of the dissident slate and the quality of its critique
against management; qualifications of director nominees and any compensatory arrangements (both slates); evaluation of which nominee(s) would be most likely to pursue policies that will have the highest likelihood to maximize the economic interests
of shareholders of the Fund; the likelihood that the proposed objectives and goals can be achieved (both slates); and stock ownership positions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing <B>contested elections for director</B>, the Delegate shall vote on a case- by-case basis taking
into consideration such factors as long-term financial performance of the company relative to its industry; management&#146;s track record; background of the contested election; the strategic plan of the dissident slate and the quality of its
critique against management; qualifications of director nominees and any compensatory arrangements (both slates); whether the board has a sufficient number of independent directors; evaluation of which nominee(s) would be most likely to pursue
policies that will have the highest likelihood to maximize the economic interests of shareholders of the Fund; the likelihood that the proposed objectives can be achieved (both slates); and stock ownership positions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing <B>corporate governance matters</B>, the Delegate shall vote on a case-by- case basis taking into
consideration such factors as: tax and economic benefits associated with amending an issuer&#146;s state of incorporation; dilution or improved </P></TD></TR></TABLE>
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<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
accountability associated with changes in capital structure; management proposals to require a supermajority shareholder vote to amend charters and bylaws and bundled or &#147;conditioned&#148;
proxy proposals; long-term financial performance of the company relative to its industry; and management&#146;s track record. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing <B>executive compensation matters</B>, the Delegate shall vote on a case- by-case basis, taking
into consideration a company&#146;s overall pay program and demonstrated pay-for-performance philosophy, and generally disfavoring such problematic pay practices as (i)&nbsp;repricing or replacing of underwater stock options, (ii)&nbsp;excessive
perquisites or tax gross-ups and (iii)&nbsp;change-in-control payments that are excessive or are payable based on a &#147;single trigger&#148; (<I>i.e., </I>without involuntary job loss or substantial diminution of duties). With respect to the
advisory vote on the frequency of &#147;say on pay&#148; votes, the Delegate shall vote in favor of an annual frequency for such votes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">G.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing shareholder proposals involving <B>social issues, </B>the Delegate shall vote on a case-by-case
basis. The Proxy Committee shall incorporate environmental, social and governance (&#147;ESG&#148;) issues into its evaluation of ISS recommendations and the Delegate&#146;s voting of proxies generally, consistent with the Adviser&#146;s fiduciary
duties and the economic interests of the Fund and its shareholders. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">H.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing shareholder proposals calling for a report on <B>political</B> contributions, the Delegate shall
vote on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, evaluating the quality and sufficiency of the current level of reporting and other disclosures provided by the company.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In analyzing shareholder proposals calling for a report on <B>lobbying activities</B>, the Delegate shall vote
on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, evaluating the quality and sufficiency of the current level of reporting and other disclosures provided by the company. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>V.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>Conflicts of interest</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Fund and its Delegate(s) seek to avoid actual or perceived conflicts of interest in the voting of proxies
for portfolio holdings between the interests of Fund shareholders, on the one hand, and those of the Adviser, the Principal Underwriter (if applicable) or any affiliated person of the Fund, the Adviser or the Principal Underwriter (if applicable),
on the other hand. The Board of Directors may take into account a wide array of factors in determining whether such a conflict exists, whether such conflict is material in nature, and how to properly address or resolve the same.
</P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">While each conflict situation varies based on the particular facts presented and the requirements of governing
law, the Board of Directors or its duly authorized representative may take the following actions, among others, or otherwise give weight to the following factors, in addressing material conflicts of interest in voting (or directing Delegates to
vote) proxies pertaining to portfolio holdings: (i)&nbsp;vote pursuant to the recommendation of the proposing Delegate; (ii)&nbsp;abstain from voting; or (iii)&nbsp;rely on the recommendations of an established, independent third party with
qualifications to vote proxies, such as Institutional Shareholder Services. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Adviser shall notify the Board of Directors of the Fund promptly after becoming aware that any actual or
potential conflict of interest exists and shall seek the Board of Directors&#146; recommendations for protecting the best interests of Fund&#146;s shareholders. The Adviser shall not waive any conflict of interest or vote any conflicted proxies
without the prior written approval of the Board of Directors or its duly authorized representative. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>VI.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>Miscellaneous.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following documents shall be kept in an easily accessible place for the period of time required to comply
with applicable laws and regulations and shall be available for inspection either physically or through electronic means: (i)&nbsp;a copy of these Policies and Procedures; (ii)&nbsp;the proxy voting records of the Fund, including the items of
information required to be set forth in SEC Form <FONT STYLE="white-space:nowrap">N-PX</FONT> and a description of the basis for each proxy vote in accordance with these Policies and Procedures; (iii)&nbsp;a copy of any document created by the
Delegate that was material to deciding how to vote or that memorialized the basis for that decision. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event that a determination, authorization or waiver under these Policies and Procedures is requested at
a time other than a regularly scheduled meeting of the Board of Directors, the Chairman of the Audit Committee shall be the duly authorized representative of the Board of Directors with the authority and responsibility to interpret and apply these
Policies and Procedures and shall provide a report of his or her determinations at the next following meeting of the Board of Directors. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Adviser shall present a report of any material deviations from these Policies and Procedures at every
regularly scheduled meeting of the Board of Directors and shall provide such other reports as the Board of Directors may request from time to time. The Adviser shall provide to the Fund or any shareholder a record of its effectuation of proxy voting
pursuant to these Policies and Procedures at such times and in such format or medium as the Fund shall reasonably request. The Adviser shall be solely responsible for complying with its disclosure and reporting requirements under applicable laws and
regulations, including, without limitation, Rule 206(4)-6 under the Advisers Act. The Adviser shall gather, collate and present information relating to its proxy voting activities and those of each Delegate in such format and medium as the Fund
shall determine from time to time in order for the Fund to discharge its disclosure and reporting obligations pursuant to Rule <FONT STYLE="white-space:nowrap">30b1-4</FONT> under the Investment Company Act. </P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Adviser shall pay all costs associated with proxy voting for portfolio holdings pursuant to these Policies
and Procedures and assisting the Fund in providing public notice of the manner in which such proxies were voted, except that the Fund shall pay the costs associated with any filings required under the Investment Company Act. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In performing its duties hereunder, any Delegate may engage the services of a research and/or voting adviser,
the cost of which shall be borne by such Delegate. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">These Policies and Procedures shall be presented to the Board of Directors annuallyfor its amendment and/or
approval. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Portfolio Managers of <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this Item, the term &#147;Fund&#148; refers to the registrant, Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The Fund&#146;s Portfolio Manager </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Eric J. Elvekrog,
CFA, CPA</I>, has been Vice President and Chief Investment Officer of the Fund since July&nbsp;1, 2016 and has been a Portfolio Manager of the Fund since its inception (July 2011). Mr.&nbsp;Elvekrog has been a Senior Managing Director of
Duff&nbsp;&amp; Phelps Investment Management Co. (the &#147;Adviser&#148;) since March 2017 (and Managing Director from 2014 to 2017). Mr.&nbsp;Elvekrog is both a CFA and a CPA and has been a member of the Adviser&#146;s utility/infrastructure team
since joining the Adviser in 1993. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Other Accounts Managed by the Fund&#146;s Portfolio Manager </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Portfolio Manager does not manage any other accounts. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Compensation of the Fund&#146;s Portfolio Manager </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
following is a description of the compensation structure of the Fund&#146;s portfolio managers. The Investment Adviser is a wholly-owned indirect subsidiary of Virtus Investment Partners, Inc. (&#147;Virtus&#148;). Virtus and the Investment Adviser
are committed to attracting and retaining the highest caliber employees and investment talent. The Investment Adviser&#146;s compensation and benefits program is comprehensive and designed to reward performance and commitment to shareholders.
Portfolio managers receive a competitive base salary, an incentive bonus opportunity, and a benefits package. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following is a more detailed description of the Investment Adviser&#146;s compensation structure: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Base Salary:</I> Each individual is paid a fixed based salary, which is designed to be competitive in light of
the individual&#146;s experience and responsibilities. Management uses independent, third-party compensation surveys of the investment industry to evaluate competitive market compensation for its employees. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Incentive Bonus</I>: Annual incentive payments for investment personnel are based on targeted compensation
levels, adjusted for profitability and investment performance factors, and a subjective assessment of contribution to the team effort. Individual payments are assessed using comparisons of actual investment performance with specific peer group or
index measures. For compensation purposes, a fund&#146;s performance is generally measured over <FONT STYLE="white-space:nowrap">one-,</FONT> three-, and five-year periods and an individual manager&#146;s participation is based on the performance of
each fund/account managed. The short-term incentive payment is generally paid in cash, but a portion may be payable in Virtus restricted stock units or as deferred cash that appreciates or depreciates in value based on the rate of return of one or
more mutual funds managed or advised by the investment professional. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Other Benefits: </I>Employees are also eligible to participate in broad-based plans offered by Virtus,
including 401(k), health, and other employee benefit plans. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While portfolio managers compensation contains a performance component,
this component is adjusted to reward investment personnel for managing within the stated framework and for not taking unnecessary risk. This approach helps ensure that investment management personnel remain focused on managing and acquiring
securities that correspond to a fund&#146;s mandate and risk profile and are discouraged from taking on more risk and unnecessary exposure to chase performance for personal gain. The Investment Adviser believes it has appropriate controls in place
to handle any potential conflicts that may result from a substantial portion of portfolio manager compensation being tied to performance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Equity
Ownership of Portfolio Manager </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the dollar range of equity securities in the Fund beneficially owned, as of
October&nbsp;31, 2024, by the portfolio manager identified above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name of Portfolio Manager</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dollar Range of<BR>Equity&nbsp;Securities&nbsp;in&nbsp;the&nbsp;Fund</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eric J. Elvekrog</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">100,000-$500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Purchases of Equity Securities by <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment
Company and Affiliated Purchasers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRANT PURCHASES OF EQUITY SECURITIES </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">(a)&nbsp;Total&nbsp;Number&nbsp;of<BR>Shares (or Units)<BR>Purchased</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">(b)&nbsp;Average<BR>Price&nbsp;Paid&nbsp;per<BR>Share&nbsp;(or&nbsp;Unit)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">(c) Total Number of<BR>Shares (or Units)<BR>Purchased&nbsp;as&nbsp;Part&nbsp;of<BR>Publicly&nbsp;Announced<BR>Plans or Programs</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">(d) Maximum Number (or<BR>Approximate Dollar Value) of<BR>Shares (or Units) that May
Yet<BR>Be&nbsp;Purchased&nbsp;Under&nbsp;the&nbsp;Plans&nbsp;or<BR>Programs</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,119&nbsp;shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,119 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,846,968 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">242,993&nbsp;shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">242,993&nbsp;shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,603,975&nbsp;shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">272,229 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">272,229 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,331,746 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133,619 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133,619 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,198,127 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">154,195 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">154,195 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,043,932 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">865,155 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">865,155 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,043,932 shares</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The date each plan or program was announced: June&nbsp;17, 2024 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The dollar amount (or share or unit amount) approved: 1,909,087 shares </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The expiration date (if any) of each plan or program: June&nbsp;30, 2025 </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each plan or program that has expired during the period covered by the table: None </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each plan or program the registrant has determined to terminate prior to expiration, or under which the
registrant does not intend to make further purchases:&#8195;None </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submission of Matters to a Vote of Security Holders. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant&#146;s board of directors, where those
changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A
(17 CFR <FONT STYLE="white-space:nowrap">240.14a-101)),</FONT> or this Item. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Controls and Procedures. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) (17 CFR <FONT
STYLE="white-space:nowrap">270.30a-3(c)))</FONT> are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule <FONT STYLE="white-space:nowrap">30a-3(b)</FONT> under the 1940 Act (17 CFR <FONT STYLE="white-space:nowrap">270.30a-3(b))</FONT> and Rules <FONT STYLE="white-space:nowrap">13a-15(b)</FONT> or
<FONT STYLE="white-space:nowrap">15d-15(b)</FONT> under the Securities Exchange Act of 1934, as amended (17 CFR <FONT STYLE="white-space:nowrap">240.13a-15(b)</FONT> or <FONT STYLE="white-space:nowrap">240.15d-15(b)).</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule <FONT
STYLE="white-space:nowrap">30a-3(d)</FONT> under the 1940 Act (17 CFR <FONT STYLE="white-space:nowrap">270.30a-3(d)))</FONT> that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure of Securities Lending Activities for <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Recovery of Erroneously Awarded Compensation. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Not Applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;19.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">(a)(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d885046dex99a1.htm">The registrant&#146;s Code of Ethics is attached hereto. </A>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">(a)(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">(a)(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d885046dex99a3.htm">Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> under
 the 1940 Act and Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 are attached hereto. </A> </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">(a)(3)(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There were no written solicitations to purchase securities under Rule
<FONT STYLE="white-space:nowrap">23c-1</FONT> under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">(a)(3)(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There was no change in the Registrant&#146;s independent public accountant during the period covered by the
report. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d885046dex99a32b.htm">Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(b)</FONT> under
the 1940 Act and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto. </A> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d885046dex99a32c.htm">Copies of the Registrant&#146;s notices to shareholders pursuant to Rule <FONT
STYLE="white-space:nowrap">19a-1</FONT> under the 1940 Act which accompanied distributions paid during the six months ended October&nbsp;
31, 2024 pursuant to the Registrant&#146;s Managed Distribution Plan are filed herewith as required by the terms of the Registrant&#146;s exemptive order issued on August&nbsp;26, 2008. </A> </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Registrant)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By&nbsp;(Signature&nbsp;and&nbsp;Title)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David D. Grumhaus, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David D. Grumhaus, Jr.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(Principal Executive Officer)</TD></TR>
</TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Date<U>&#8195;&#8195;&#8195;&#8195;12/20/24&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By&nbsp;(Signature&nbsp;and&nbsp;Title)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David D. Grumhaus, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David D. Grumhaus, Jr.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(Principal Executive Officer)</TD></TR>
</TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Date<U>&#8195;&#8195;&#8195;&#8195;12/20/24&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By&nbsp;(Signature&nbsp;and&nbsp;Title)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alan M. Meder</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alan M. Meder,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Treasurer and Assistant Secretary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(Principal Financial Officer)</TD></TR>
</TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Date<U>&#8195;&#8195;&#8195;&#8195;12/20/24&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U> </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)
<SEQUENCE>2
<FILENAME>d885046dex99a1.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML><HEAD>
<TITLE>Code of Ethics</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JOINT CODE OF ETHICS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHIEF EXECUTIVE AND
SENIOR FINANCIAL OFFICERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DNP SELECT INCOME FUND INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DUFF&nbsp;&amp; PHELPS UTILITY AND INFRASTRUCTURE FUND INC. (&#147;DPG&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DTF <FONT STYLE="white-space:nowrap">TAX-FREE</FONT> INCOME 2028 TERM FUND INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Adopted August&nbsp;14, 2008 (and adopted by DPG June 14. 2011) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of DNP Select Income Fund Inc, Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc. and. DTF
<FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc., (each a &#147;<U>Fund</U>&#148; and, collectively, the &#147;<U>Funds</U>&#148;)<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> is committed to conducting business
in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure &#150; financial and otherwise &#150; in compliance with applicable law. This Code of Ethics, applicable to
the Fund&#146;s Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, &#147;<U>Senior Officers</U>&#148;), sets forth policies to guide you in the performance of your duties.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical
manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly
addressing compliance concerns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest
inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as officers or employees of Duff &amp; Phelps Investment Management Co., the Fund&#146;s investment adviser (the
&#147;<U>Adviser</U>&#148;), and affiliates of the Adviser (collectively with the Adviser, the &#147;<U>Advisory Group</U>&#148;), as officers or employees of the Fund&#146;s administrator (the &#147;<U>Administrator</U>&#148;) and affiliates of the
Administrator (the &#147;<U>Administrator Group</U>&#148;), and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised or serviced by the Advisory Group or the Administrator Group
(collectively, &#147;<U>Other Funds</U>&#148;). This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Advisory Group or the </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Joint Code of Ethics for Chief Executive and Senior Financial Officers has been adopted by the Board of
Directors of each Fund. Solely for the sake of clarity and simplicity, this Joint Code of Ethics has been drafted as if there were a single Fund and a single Board of Directors. The terms &#147;Directors&#148; and &#147;Independent Directors&#148;
mean the Directors and the Independent Directors of each Fund, respectively, unless the context otherwise requires. The Directors and the Independent Directors of each Fund, however, shall act separately and in the best interests of its respective
Fund. </P></TD></TR></TABLE>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Administrator Group govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the &#147;<U>1940 Act</U>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the &#147;<U>Advisers Act</U>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Code of Ethics adopted by the Fund and Other Funds pursuant to Rule
<FONT STYLE="white-space:nowrap">17j-1(c)</FONT> under the 1940 Act (collectively, the &#147;<U>Funds&#146; 1940 Act Code of Ethics</U>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those directors (the
&#147;<U>Directors</U>&#148;) of the Fund that are not &#147;interested persons&#148; of the Fund (the &#147;<U>Independent Directors</U>&#148;) within the meaning of the 1940 Act (the &#147;<U>Adviser&#146;s 1940 Act Code of Ethics</U>&#148; and,
together with the Funds&#146; 1940 Act Code of Ethics, the &#147;<U>1940 Act Codes of Ethics</U>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the policies and procedures adopted by the Fund and Other Funds to address conflict of interest situations, such
as procedures under Rule <FONT STYLE="white-space:nowrap">10f-3</FONT> and Rule <FONT STYLE="white-space:nowrap">17a-7</FONT> under the 1940 Act (collectively, the &#147;<U>Fund Policies</U>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Adviser&#146;s general policies and procedures to address, among other things, conflict of interest
situations and related matters (collectively, the &#147;<U>Adviser Policies</U>&#148;); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Administrator&#146;s general policies and procedures to address, among other things, conflict of interest
situations and related matters (collectively, the &#147;<U>Administrator Policies</U>&#148;). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provisions of the 1940 Act, the
Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies, the Adviser Policies and the Administrator Policies are referred to herein collectively as the &#147;<U>Additional Conflict Rules</U>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the
Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of Directors of the Fund (the &#147;<U>Board</U>&#148;) shall determine that any such violation of the Additional
Conflict Rules is also a violation of this Code of Ethics. </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Senior Officers Should Act Honestly and Candidly </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Senior Officer has a responsibility to the Fund to act with integrity. Integrity requires, among other things, being honest and candid.
Deceit and subordination of principle are inconsistent with integrity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Senior Officer must: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">comply with the laws, rules and regulations that govern the conduct of the Fund&#146;s operations and report any
suspected violations thereof in accordance with the section below entitled &#147;Compliance With Code Of Ethics&#148;; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adhere to a high standard of business ethics. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conflicts Of Interest </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A conflict of
interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior
Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers or trustees/directors of Other Funds (as a result of which it is incumbent upon you to be familiar with and to seek to
comply with the Additional Conflict Rules). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You are required to conduct the business of the Fund in an honest and ethical manner,
including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or
otherwise acting in a manner that creates or appears to create a conflict of interest with respect to the Fund where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of the Fund, you should make
full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Fund (the &#147;<U>Chief Compliance Officer</U>&#148;) and obtain the prior approval of the Chief Compliance Officer prior to taking action. The Chief
Compliance Officer shall report any waiver hereunder to the Board. </P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some conflict of interest situations that should always be approved by the Chief Compliance
Officer, if material, include the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt of any entertainment or <FONT STYLE="white-space:nowrap">non-nominal</FONT> gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than a company in the Advisory Group or the Administrator Group), unless such entertainment or gift is business
related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any ownership interest in, or any consulting or employment relationship with, any of the Fund&#146;s service
providers, other than a company in the Advisory Group or the Administrator Group; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest, such as compensation or equity ownership, arising from the Senior Officer&#146;s employment relationship with the Advisory Group or the Administrator Group.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Disclosures </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is
the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange
Commission or a national securities exchange and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy and to abide by the Fund&#146;s standards, policies and procedures
designed to promote compliance with this policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Senior Officer must: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">not knowingly misrepresent, or cause others to misrepresent, material facts about the Fund to others, including
to the Directors, the Fund&#146;s independent auditors, the Fund&#146;s counsel, counsel to the Independent Directors, governmental regulators or self-regulatory organizations. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compliance With Code Of Ethics </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you
know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, you must report that information on a timely basis to the Chief Compliance Officer or report it anonymously by following
the &#147;whistle blower&#148; policies adopted by the Fund from time to time. <I>No one will be subject to retaliation because of a good faith report of a suspected violation</I>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will follow these procedures in investigating and enforcing this Code of Ethics,
and in reporting on this Code of Ethics: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Chief Compliance Officer will take all reasonable action to investigate any actual or potential violations
reported to him or her; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">violations and potential violations will be reported to the Board after such investigation;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if the Board determines that a violation has occurred, it will take all appropriate disciplinary or preventive
action; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Senior Officers must make this Code of Ethics known to persons who might know of a potential conflict of interest, including the &#147;whistle
blower&#148; policies adopted by the Fund from time to time. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Waivers Of Code Of Ethics </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific
situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation. The Chief Compliance Officer shall take all action he or she considers appropriate to
investigate any actual or potential violations reported under this Code of Ethics. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Chief Compliance Officer is authorized to consult,
as appropriate, with the chair of the Board and with counsel to the Fund or the Independent Directors, and is encouraged to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except
as provided above, the Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form <FONT
STYLE="white-space:nowrap">N-CSR,</FONT> or otherwise, as provided by Securities and Exchange Commission rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recordkeeping </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will maintain and preserve for a period of not less than six (6)&nbsp;years from the date an action is taken, the first two
(2)&nbsp;years in an easily accessible place, a copy of the information or materials supplied to the Nominating and Governance Committee: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that provided the basis for any amendment or waiver to this Code of Ethics; and </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a
written record of the approval or action taken by the Board. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Confidentiality </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and
protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Directors and their counsel, the Fund and its counsel, and any other advisors, consultants or
counsel retained by the Directors, the Independent Directors or any committee of the Board; <I>provided, however, </I>that appropriate disclosure of a particular record or report or portion thereof may be made to the Advisory Group and its counsel
if the Senior Officer that is the subject of such record or report is an employee of the Advisory Group, or to the Administrator Group and its counsel if the Senior Officer that is the subject of such record or report is an employee of the
Administrator Group. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Code of Ethics may not be amended except in written form, which is specifically approved by a majority vote of the Directors, including a
majority of the Independent Directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Rights Created </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the
conduct of the Fund&#146;s business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity. </P>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-99.(A)(3)
<SEQUENCE>3
<FILENAME>d885046dex99a3.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302
<TEXT>
<HTML><HEAD>
<TITLE>Certification Pursuant to Section 302</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.CERT </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 302 CERTIFCATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, David D.
Grumhaus, Jr., certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Duff&nbsp;&amp; Phelps
Utility and Infrastructure Fund Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:<U> &#8195;12/20/24&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David D. Grumhaus, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.CERT </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 302 CERTIFICATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Alan M.
Meder certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Duff&nbsp;&amp; Phelps
Utility and Infrastructure Fund Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:<U> &#8195;12/20/24&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alan M. Meder</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Alan M. Meder,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Treasurer and Assistant Secretary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(Principal Financial Officer)</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(3)(2(B)
<SEQUENCE>4
<FILENAME>d885046dex99a32b.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906
<TEXT>
<HTML><HEAD>
<TITLE>Certification Pursuant to Section 906</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.906CERT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION PURSUANT TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18
U.S.C. SECTION 1350, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ADOPTED PURSUANT TO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
connection with the Annual Report of Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc. (the &#147;Company&#148;) on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the period ending October&nbsp;31, 2024 as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), I, David D. Grumhaus, Jr., President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act
of 2002, that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: <U>&#8195;12/20/24&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President and Chief Executive Officer</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Section&nbsp;906 certification is being furnished to the SEC, rather than filed with the SEC, as&nbsp;permitted under
applicable SEC rules. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION PURSUANT TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18
U.S.C. SECTION 1350, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ADOPTED PURSUANT TO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
connection with the Annual Report of Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc. (the &#147;Company&#148;) on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the period ending October&nbsp;31, 2024 as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Alan M. Meder, Treasurer and Assistant Secretary of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: <U>&#8195;12/20/24&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Alan M. Meder</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alan M. Meder</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Treasurer and Assistant Secretary</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Section&nbsp;906 certification is being furnished to the SEC, rather than filed with the SEC, as&nbsp;permitted under
applicable SEC rules. </P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(3)(2)(C)
<SEQUENCE>5
<FILENAME>d885046dex99a32c.htm
<DESCRIPTION>REGISTRANTS NOTICES
<TEXT>
<HTML><HEAD>
<TITLE>Registrants Notices</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
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<IMG SRC="g885046dsp029.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>CHICAGO, June</B><B></B><B>&nbsp;28, 2024 </B>&#150; <U>Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc.</U> (NYSE: DPG)
declared a distribution of $0.21 per share to shareholders of record at the close of business on June&nbsp;17, 2024 <FONT STYLE="white-space:nowrap">(ex-date</FONT> June&nbsp;17, 2024). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated amounts of the Fund&#146;s June 2024 quarterly distribution and its sources, payable
June&nbsp;28, 2024, together with the cumulative distributions paid from the first day of the fiscal year. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles which may differ from federal
income tax regulations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Distribution Estimates</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June 2024 (QTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-date</FONT></FONT> (YTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(Sources)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>% of<BR>Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>% of<BR>Cumulative<BR>Distributions</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Investment Income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Foreign Currency Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.210</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.210</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.630</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>As of May&nbsp;31, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average annual total return on NAV for the 5 years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.87</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Annualized current distribution rate as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.32</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative total return on NAV for the fiscal year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative fiscal year distributions as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.49</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not draw any conclusions about the Fund&#146;s investment performance from the amount of these
distributions or from the terms of the Fund&#146;s managed distribution plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund estimates that it has distributed more than its
income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital
distribution does not necessarily reflect the Fund&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form
<FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell you how to report these distributions for federal income tax purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g885046dsp029a.jpg" ALT="LOGO">
 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g885046dsp029.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>CHICAGO, August</B><B></B><B>&nbsp;12, 2024 </B>&#150; <U>Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc.</U> (NYSE: DPG)
declared a distribution of $0.07 per share to shareholders of record at the close of business on July&nbsp;31, 2024 <FONT STYLE="white-space:nowrap">(ex-date</FONT> July&nbsp;31, 2024). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated amounts of the Fund&#146;s July 2024 monthly distribution and its sources, payable
August&nbsp;12, 2024, together with the cumulative distributions paid from the first day of the fiscal year. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles which may differ from federal
income tax regulations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Distribution Estimates</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>July 2024 (MTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-Date</FONT></FONT> (YTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(Sources)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Percentage<BR>of Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Percentage<BR>of Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Investment Income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Foreign Currency Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.070</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.700</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>As of June&nbsp;28, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average annual total return on NAV for the 5 years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.62</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Annualized current distribution rate as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.59</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative total return on NAV for the fiscal year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18.05</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative fiscal year distributions as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.69</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not draw any conclusions about the Fund&#146;s investment performance from the amount of these
distributions or from the terms of the Fund&#146;s managed distribution plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund estimates that it has distributed more than its
income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital
distribution does not necessarily reflect the Fund&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form
<FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell you how to report these distributions for federal income tax purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g885046dsp029a.jpg" ALT="LOGO">
 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g885046dsp029.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>CHICAGO, September</B><B></B><B>&nbsp;10, 2024 </B>&#150; <U>Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc.</U> (NYSE: DPG)
declared a distribution of $0.07 per share to shareholders of record at the close of business on August&nbsp;30, 2024 <FONT STYLE="white-space:nowrap">(ex-date</FONT> August&nbsp;30, 2024). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated amounts of the Fund&#146;s August 2024 monthly distribution and its sources, payable
September&nbsp;10, 2024, together with the cumulative distributions paid from the first day of the fiscal year. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles which may differ from federal
income tax regulations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Distribution Estimates</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>August 2024 (MTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-Date</FONT></FONT> (YTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(Sources)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Percentage<BR>of Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Percentage<BR>of Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Investment Income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Foreign Currency Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.756</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.070</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.770</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>As of July&nbsp;31, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average annual total return on NAV for the 5 years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.46</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Annualized current distribution rate as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.06</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative total return on NAV for the fiscal year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27.54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative fiscal year distributions as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.89</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not draw any conclusions about the Fund&#146;s investment performance from the amount of these
distributions or from the terms of the Fund&#146;s managed distribution plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund estimates that it has distributed more than its
income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital
distribution does not necessarily reflect the Fund&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form
<FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell you how to report these distributions for federal income tax purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g885046dsp029a.jpg" ALT="LOGO">
 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g885046dsp029.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Section&nbsp;19(a) Notice </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>CHICAGO, October</B><B></B><B>&nbsp;10, 2024 </B>&#150; <U>Duff&nbsp;&amp; Phelps Utility and Infrastructure Fund Inc.</U> (NYSE: DPG)
declared a distribution of $0.07 per share to shareholders of record at the close of business on September&nbsp;30, 2024 <FONT STYLE="white-space:nowrap">(ex-date</FONT> September&nbsp;30, 2024). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated amounts of the Fund&#146;s September 2024 monthly distribution and its sources, payable
October&nbsp;10, 2024, together with the cumulative distributions paid from the first day of the fiscal year. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles which may differ from federal
income tax regulations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Distribution Estimates</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>September 2024 (MTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Year-to-Date</FONT></FONT> (YTD)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(Sources)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Percentage<BR>of Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Per&nbsp;Share<BR>Amount </I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><I>Percentage<BR>of Current<BR>Distribution</I></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Investment Income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Foreign Currency Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Short-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Realized Long-Term Capital Gains</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return of Capital (or other Capital Source)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">98.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Distribution</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.070</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.840</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>100.0</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>As of August&nbsp;30, 2024</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average annual total return on NAV for the 5 years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Annualized current distribution rate as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.73</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative total return on NAV for the fiscal year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34.61</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cumulative fiscal year distributions as a percentage of NAV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.17</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not draw any conclusions about the Fund&#146;s investment performance from the amount of these
distributions or from the terms of the Fund&#146;s managed distribution plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund estimates that it has distributed more than its
income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital
distribution does not necessarily reflect the Fund&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form
<FONT STYLE="white-space:nowrap">1099-DIV</FONT> for the calendar year that will tell you how to report these distributions for federal income tax purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
